AgdaPkt 2003-07-28 - Laserfiche WebLink

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FA -22 District and a pro rata share of certain other incidental expenses related to the Project Phase I Facilities included various intersection and street widening improvements designed to improve traffic circulation at peak commute hours. The net proceeds of the 2003 Bonds will be used to finance certain Phase 11 improvements of the Project, which will include improvements to the U.S. Highway 101 Ralston Avenue /Marine Parkway freeway interchango. The Project additionally includes certain incidental expenses, including the cost of engineering, planning and designing the improvements and all costs associated with the creation of the District, the issuance of the Bonds, the determination of the amount of Special Taxes to be levied, and costs otherwise incurred in order to carry out the authorized purposes of the District and administering the District. The Project is being constructed Jointly with the neighboring City of Belmont Belmont's portion of the improvements includes a direct- access freeway exchange leading to the business and residential area in Belmont adjacent to Redwood Shores known as Island Park. Belmont is financing the direct - access improvements of benefit to Island Park through a combination of its own resources and federal grants administered by the California Transportation Commission ( "CTC "). None of the proceeds of the Bonds will be applied to the direct - access improvements serving Island Park. In addition to proceeds of the Bonds, financing of the Project is derived from proceeds of the Special Tax prepaid by Oracle and from federal grant proceeds (in addition to those secured for Belmont's portion of the improvements) administered by the CTC. [[[[Belmont and Redwood City have secured a grant appropriation for $3.1 million from CTC for the fiscal year 2002 -03 and a grant allocation from CTC in the amount of $4.5 million from CTC for the fiscal year 2004 -05. These grants will be applied to both the direct - access improvements and the Project]]]] Portions of the funding for the Project and the direct - access improvements for Island Park are being provided by the State and federal grants through the State Transportation Program. Although these funds have been programmed and allocated to the Project, the State's obligation to the Project subject to the appropriation of resources by the State Legislature. The State's proposed budget for FY 2003 -04 has a large unresolved deficit which the State is required by its constitution to eliminate prior to adoption of its budget There is some risk that grant funds may not be appropriated by the State as the State struggles to resolve its deficit. In case the City determines or is notified by the CTC that the State will not reimburse the City for those portions of the Project and the direct -access improvements for which the City has obtain grant funding from CTC, the City has reserved the right to terminate the contract for completion of the Project. Failure to complete the project will not alleviate owners of the Remaining Taxable Parcels of the obligation to pay Special Taxes. However, traffic congestion and delays caused by incomplete construction to the Ralston Avenue /Marine Parkway freeway exchange that persist for an extended period could adversely affect the market value of properties in the District, and therefore have an adverse effect on the security for the Bonds. THE 2003 BONDS The 2003 Bonds will be dated their date of delivery and will bear interest at the rates per annum set forth on the cover page hereof, payable semiannually on each March 1 and September 1, commencing on March 1, 2004 (each, an "Interest Payment Date "), and will mature in the amounts and on the dates set forth on the cover page hereof. The 2003 Bonds will be issued in fully registered form in denominations of $5,000 each or any integral multiple thereof. The 2003 Bonds will bear interest at the rates set forth on the cover page hereof payable on the Interest Payment Dates in each year. Interest will be calculated on the basis of a 360 -day year -5-