Agdapkt 2010-12-06 clsd and regular

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ATTACHNfENT 3 Page 14 TABLE OF CONTENTS INTRODUCTION .......................................1 OWNERSHIP OF PROPERTY WITHIN THE BONDS ..............................................4 THE DISTRICT .......................................30 Authority for Issuance .......................................4 The Developer................................................ 30 Description ofthe Bonds ..................................5 APPRAISAL OF PROPERTY WITHIN Redemption .......................................................6 THE DISTRICT........................................32 Transfer or Exchange of Bonds .......................8 The Appraisal.................................................. 32 ESTIMATED SOURCES AND USES OF Value to Special Tax Burden Ratios ............. 34 FUNDS ...................................................... 8 Overlapping Liens and Priority of Lien.......... 35 SECURITY AND SOURCES OF PAYMENT SPECIAL RISK FACTORS .......................37 FOR THE BONDS ..................................... 9 Property Values.............................................. 37 Special Taxes ....................................................9 Current Market Conditions Increasing Risk Special Tax Methodology ...............................10 of Mortgage Default................:....................... 39 Levy of Annual Special Tax; Maximum Bankruptcy and Foreclosure Delays ............. 40 Special Tax ......................................................11 Covenant to Commence Superior Court Special Tax Fund ............................................12 Foreclosure.....................................................41 Deposit and Use of Proceeds of Bonds ........13 Parity Taxes and Special Assessments ....... 41 Delinquent Payments of Special Tax; Insufficiency of Special Taxes ....................... 41 Covenant for Superior Court Foreclosure.....13 Tax Delinquencies .......................................... 42 Reserve Fund ..................................................15 Limited Obligation of the City to Pay Improvement Fund ..........................................16 Debt Service ................................................... 42 Parity Bonds ....................................................16 No Acceleration Provision.............................. 43 DEBT SERVICE SCHEDULE .................. 18 Concentration of Ownership..........................43 THE DISTRICT ........................................ 19 ApPraised Values...........................................43 Formation of the District .................................19 Ballot Initiatives............................................... 44 Location and Description of the District Proposition 218 ............................................... 44 and the Immediate Area .................................19 CONSTITUTIONAL LIMITATIONS ON Anticipated Development in the District ........22 TAXATION AND APPROPRIATIONS ......44 Entitlements and Zoning .................................25 CONTINUING DISCLOSURE ..................45 Development Agreement ...............................26 UNDERWRITING.....................................46 Environmental Matters ...................................26 LEGAL OPINION .....................................46 THE IMPROVEMENTS ............................27 TAX MATTERS........................................46 I Eligible Facilities .............................................27 RATINGS.................................................49 Estimated Cost of the Improvements ............29 NO LITIGATION .......................................49 Payment or Construction and Acquisition of EXECUTION ............................................49 the Improvements and Payment of Fees ......30 APPENDIX A- RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX APPENDIX B - THE APPRAISAL APPENDIX C- THE CITYOF REDWOOD CITY AND SAN MATEO COUNTY APPENDIX D- FORM OF OPINION OF BOND COUNSEL APPENDIX E- FORM OF CONTINUING DISCLOSURE UNDERTAKINGS APPENDIX F- THE BOOK ENTRY SYSTEM i