AgdaPkt 2003-07-28 - Laserfiche WebLink

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8.A-Z ESTIMATED SOURCES AND USES OF FUNDS The proceeds from the sale of the 2003 Bonds are anticipated to be deposited into the following respective accounts and fur-is established cnder the Fiscal Agent Agreement SOURCES Principal Amount of bonds Less Underwriter's Discount Total Sources USES Deposit into Reserve Account 1D Deposit into Costs of Issuance Account a Deposit into Project Account Total Uses (()) (2 =the fee expenses of Bonnonnd Counsel aaannulate Up to the arnoitm and Dlscloswes a Counsel. the � o priodioglite Preaminuy and final Official Statements, fees and expemses of the Fiscal Agent and the fees of the Special Tax Consultant THE PROJECT The rapid increase in development of the Redwood Shores area during the mid 1990's, along with the corresponding growth in jobs, created traffic congestion in the area and the need for roadway improvements. In order to address the traffic problems, in April 1998 the engineering firm of Brian Kangas Foulk, Redwood City, California, was retained by the Cities of Redwood City, Belmont and San Carlos to assess and recommend necessary transportation improvements. The resultant report, as supplemented on June 10, 1998, identified the specific improvements and developed preliminary cost estimates for what is refereed to as the Redwood Shores Traffic Improvement Project (the 'Project). The Project involves the construction of improvements to several Intersections In and around the commercial area of Redwood Shores and the reconfiguration of the Marina Parkway /Ralston Avenue U.S. 101 interchange to a partial cloverleaf design. These improvements include the construction, purchase, modification, expansion, improvement or rehabilitation of sanitary sewers, streets, storm drainage facilities, utilities, parks, landscaping, and other infrastructure improvements and relocations, including traffic signallzation and improvements to street intersections and freeway interchanges, for the following projects: 1. The Marine Parkway intersection at or near Twin Dolphin Parkway: 2. The Marine Parkway intersection at or near Bridge Parkway, 3. The Redwood Shores Parkway intersection at or near Bridge Parkway; 4. The Marine Parkway intersection at or near Oracle West/Shoreway Road; 5. The Ralston Avenue intersection at or near Hiller Street 6. The northbound U.S. 101 on -ramp at the Marine Parkway /Ralston Avenue interchange; 7. The HOV bypass lanes at the northbound U.S. 101 on -ramp at the Ralston Avenue interchange; and 8. The reconfiguration of the U.S. 101 /Marine Parkway/Ralston Avenue interchange to a partial cloverleaf design. The net proceeds of the 2001 Bonds were used to finance certain improvements ( "the Phase I Facilities "), which included the first three projects listed above, and to finance the costs of forming the -4-