AgdaPkt 2003-07-28 - Laserfiche WebLink

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FA Iq residential purposes are excluded. Fifty-six parcels in the District totaling approximately 262.2 acres have been developed as commercial office space /hotel. Ten parcels totaling 16.115 acres are used in a capacity that excludes them from being subject to Special Taxes under the Rate and Method (such as open space, parkin.,; lots, common area or publicly owned). See "REDWOOD SHORES COMMUN17 Y FACH TI IES DISTRir T NO. 99 -1" herein. In November 2000, Oracle Systems Corporation ( "Oracle "), an entity owning or controlling (as lessee under long -term leases with an option to purchase) eight parcels totaling 1,819,310 commensal square feet (the "Oracle 'Parcelsl in the District which were allocated approximately 30% of the District's Special Tax burden, prepaid in full the District's Special Taxes attributable to such parcels. Accordingly, 2003 Bonds are not being issued with regard to the Special Taxes so prepaid and the security for the 2003 Bonds does not include these parcels. Taxable Parcels in the District other than the Oracle Parcels are referred to herein as the "Remaining Taxable Parcels." The Remaining Taxable Parcels are improved with 4,339,611 square feet of commercial office space and subject to the Special Tax. Authority for Issuance of the 2003 Bands. The 2003 Bonds are issued pursuant to the Act and a Fiscal Agent Agreement, dated as of February 1, 2001, as supplemented by a First Supplemental Fiscal Agent Agreement dated as of August 1, 2003 (together, the "Fiscal Agent Agreement "), by and between the City and BNY Western Trust Company, as fiscal agent (the "Fiscal Agent "). See "THE 2003 BONDS - Authority for Issuance" herein. Purpose of the 2003 Bonds. The net proceeds of the 2003 Bonds will be used to finance certain improvements ("the Phase 11 Facilitiesl of the Redwood Shores Traffic Improvement District Project as described herein. Phase II Facilities include improvements to the U.S. Highway 101 Ralston Avenue /Marine Parkway freeway interchange. Phase I facilities of the Project were financed with proceeds of the 2001 Bonds, described herein. See "THE PROJECT." Proceeds of the 2003 Bonds, plus a portion of the interest earned thereon, will also be used to pay costs of issuance of the 2003 Bonds and certain administrative expenses of the District Sources of Payment for the 2003 Bonds. The 2003 Bonds are secured by and payable, on a parity with the 2001 Bonds (described herein) from a first pledge of "Net Taxes ", generally defined in the Fiscal Agent Agreement as Gross Taxes less amounts set aside to pay administrative expenses of the District. "Gross Taxes" include all Special Taxes received by the District (but excluding the Special Taxes prepaid by Oracle), together with the proceeds collected from the sale of property pursuant to the foreclosure provisions of the Fiscal Agent Agreement for any delinquencies. "Special Taxes" are defined in the Fiscal Agent Agreement as the taxes authorized to be levied by the District in accordance with the Resolution of Formation (as defined herein), the Act and the voter approval obtained at the July 30, 1999 election in the District, excluding the Special Taxes prepaid by Oracle, and any additional special taxes authorized to be levied by the District from time to time which are pledged by the District to the repayment of the 2001 Bonds and the 2003 Bonds. The 2001 Bonds and the 2003 Bonds are collectively referred to herein as the "Bonds." Pursuant to the Act, the Rate and Method of Apportionment, Redwood Shores Community Facilities District No. 99 -1 (Shores Transportation Improvement Project) of the City of Redwood City (the "Rate and Method "), the Resolution of Formation (as defined herein) and the Fiscal Agent Agreement, so long as any Bonds are outstanding, the legislative body of the District will in each Fiscal Year thereafter so long as any Bonds issued under the Fiscal Agent Agreement are Outstanding, levy the Special Tax in an amount sufficient, together with other amounts on deposit in the Special Tax Fund, to pay (1) the principal (including Sinking Fund Payments) of and interest on the Bonds when due, (2) to the extent permitted by law, the Administrative Expenses (defined in the Rate and Method), and (3) any amounts required to replenish the Reserve Account of the Special Tax Fund to the Reserve Requirement (as described herein). -2-