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<br /> PRELIIMINARY OFFICIAL STATEMENT DATED , 2011
<br /> NEW ISSUE-FULL BOOK ENTRY NOT RATED
<br /> BANK QUALIFIED
<br /> In the opinion of Nossaman LLP, Irvine California, Bond Counsel, based on existing statutes, regulations, rulings
<br /> and court decisions and assuming, among other matters, compliance with certain covenants, interest on the Bonds is
<br /> excludable from gross income for federal income tax purposes, and is not a specific preference item for purposes of the
<br /> federal individual or corporate alternative minimum taxes, nor is the interest included in adjusted current earnings in
<br /> calculating corporate a/ternative minimum taxable income. In the further opinion of Bond Counsel, interest on the Bonds is,
<br /> under existing law, exempt from State of California personal income taxes. Bond Counsel expresses no opinion regarding
<br /> other federal or State tax consequences relating to the ownership or disposition of, or the accrual or receipt of interest on,
<br /> the Bonds. The City has designated the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the
<br /> Internal Revenue Code of 1986, as amended. See "TAX MATTERS" herein.
<br /> $ *
<br /> CITY OF REDWOOD CITY
<br /> COMMUNITY FACILITIES DISTRICT NO. 2010-1
<br /> (ONE MARINA)
<br /> SPECIAL TAX BONDS
<br /> SERIES 2011
<br /> Dated: Date of Delivery Due: September 1, as shown below
<br /> The bonds captioned above (the "Bonds"), are being issued by the City of Redwood City (the "City") through its
<br /> Community Facilities District No. 2010-1 (One Marina) (the "DistricY'). The Bonds are special tax obligations of the City,
<br /> authorized pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being California Government Code
<br /> Section 53311, et seq. (the "AcY'), and are issued pursuant to a Fiscal Agent Agreement dated as of , 2011 (the
<br /> "Fiscal Agent AgreemenY') by and between the City and U.S. Bank National Association, as fiscal agent (the "Fiscal AgenY').
<br /> The Bonds are issued to (i) construct and acquire certain public facilities and pay fees of benefit to the District; (ii) provide for
<br /> the establishment of a reserve fund, (iii) provide capitalized interest and initial Administrative Expenses, and (iv) pay the costs
<br /> of issuance of the Bonds. Interest on the Bonds is payable on March 1, 2011, and thereafter semiannually on March 1 and
<br /> September 1 of each year.
<br /> The Bonds are being issued as fully registered bonds, registered in the name of Cede & Co. as nominee of The
<br /> Depository Trust Company, New York, New York ("DTC"), and will be available to ultimate purchasers in the denomination of
<br /> $5,000 or any integral multiple thereof, under the book-entry system maintained by DTC. See "APPENDIX F– BOOK-
<br /> ENTRY SYSTEM."
<br /> The Bonds are secured by and payable from a pledge of Special Taxes (as defined herein) to be levied by the Ciry
<br /> on real property within the boundaries of the District, from the proceeds of any foreclosure actions brought following a
<br /> delinquency in the payment of the Special Taxes, and from amounts held in certain funds under the Fiscal Agent Agreement,
<br /> all as more fully described herein. Unpaid Special Taxes do not constitute a personal indebtedness of the owners of
<br /> the parcels within the District. In the event of delinquency, proceedings may be conducted only against the parcel
<br /> of real property securing the delinquent Special Tax. There is no assurance the owners will be able to pay the
<br /> Special Tax or that they will pay a Special Tax even though fnancially able to do so. To provide funds for payment of
<br /> the Bonds and the interest thereon as a result of any delinquent Special Taxes, the City will establish a Reserve Fund from
<br /> proceeds of the Bonds, as described herein. See "SECURITY FOR THE BONDS."
<br /> Property in the District subject to the Special Tax comprises approximately 33.2 gross acres of undeveloped land,
<br /> planned for development of 231 residential units and hotel and limited commercial uses on approximately 9.4 acres. When
<br /> fully developed, only the residential uses, hotel and commercial uses will be subject to the Special Tax. See "THE
<br /> DISTRICT" and "OWNERSHIP OF PROPERTY WITHIN THE DISTRICT."
<br /> The Bonds are subject to optional and mandatory redemption prior to maturity as described herein. See
<br /> "THE BONDS — Redemption."
<br /> NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY, THE COUNTY OF SAN
<br /> MATEO, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT
<br /> OF THE BONDS. THE BONDS DO NOT CONSTITUTE A DEBT OF THE CITY WITHIN THE MEANING OF ANY
<br /> STATUTORY OR CONSTITUTIONAL DEBT LIMITATION. THE INFORMATION SET FORTH IN THIS OFFICIAL
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