AgdaPkt 2003-07-28 - Laserfiche WebLink

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S.A -2o Pursuant to the Act, all lands owned by a public entity are omitted from the levy of the Special Tax, unless the public entity acquires the property after the levy of the Special Tax, in which case the public entity will be obligated to pay the Special Tax, subject to certain limitations. The Rate and Method exempts from the S,-edar Tax all publicly owned parcels which are normally exempt from ad valorem taxes under Califorida la including public streets, schools, school district administrative offices, police and fire facilities, parks, and public drainage ways, rights -of -way, landscaping, greenbelts and open space ( "Public Parcels "), as well as any parcel zoned for single or multi- family residential use ( "Residential Parcels "). See "SECURITY FOR THE BONDS - Rate and Method" and "BONDOWNERS' RISKS -Exempt Properties! The Special Taxes prepaid by Oracle are not pledged for payment of the Bonds and the Oracle Parcels are not security for the Bonds. The District has also covenanted in the Fiscal Agent Agreement to cause foreclosure proceedings to be commenced and prosecuted under certain conditions against parcels with certain delinquent installments of the Special Tax. For a more detailed description of the foreclosure covenant see "SECURITY FOR THE BONDS - Proceeds of Foreclosure Sales." THE BONDS DO NOT CONSTITUTE OBLIGATIONS OF THE CITY OR OF THE DISTRICT FOR WHICH THE CITY OR THE DISTRICT LS OBLIGATED TO LEVY OR PLEDGE, OR HAS LEVIED OR PLEDGED, GENERAL OR SPECIAL TAXES, OTHER THAN THE SPECIAL TAXES REFEREN HEREIN. THE BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE FROM PROCEEDS OF THE SPECIAL TAXES AND OTHER AMOUNTS PLEDGED UNDER THE FISCAL AGENT AGREEMENT BUT ARE NOT A DEBT OF THE CITY, THE STATE OF CALIFORNIA OR ANY OF ITS POLITICAL SUBDIVISIONS IN CONTRAVENTION OF ANY CONSTITUTIONAL OR STATUTORY LIMITATION OR RESTRICTION. 2001 Parity Bonds. Under the Resolution of Formation, the District is authorized to issue bonds in an aggregate principal amount of not -to- exceed $13,535,000. In February 2001, the District issued its 5,045,000 principal amount of Special Tax Bonds, Series 2001A (the 2001 Bonds ") to finance a portion of the Phase I improvements. The 2001 Bonds are secured by and payable from a first pledge of Net Taxes on a parity with the 2003 Bonds. After issuance of the 2003 Bonds, no additional bonds will be issued pursuant to the authorization. The 2001 Bonds and the 2003 Bonds are collectively referred to herein as the "Bonds." Risk Factors Associated with PwdmsfiV the 2003 Bonds. Investment in the 2003 Bonds involves risks that may not be appropriate for some investors. See the section of this Official Statement entitled "BONDOWNERS' RISKS" for a discussion of certain risk factors which should be considered, in addition to the other matters set forth herein, in considering the investment quality of the 2003 Bonds. -3-