AgdaPkt 2003-09-08 - Laserfiche WebLink

Browse Search

RA -2 _ sharing, are estimated to be approximately $6.07 million for fiscal year 2003 -2004. See "APPENDIX F - FISCAL CONSULTANT'S REPORT - Table 5." Should there occur any future decrease in the taxable valuation in the Project Area or in the applicable tax rates, the Tax Revenues (as more particularly described - under the caption "SECURITY FOR THE BONDS -- Tax Revenues ") allocated to the Agency from the Project Area would be reduced and, correspondingly, could have an adverse impact on the ability of the Agency to repay the Bonds. See "RISK FACTORS" herein There follows in this Official Statement brief descriptions of the Bonds, the security for the Bonds, the Agency, the Project Area and certain other information relevant to the issuance of the Bonds. All references herein to the Indenture are qualified in their entirety by reference to the definitive form thereof and all references to the Bonds are further qualified by references to the information with respect thereto contained in the Indenture. All capitalized terms used herein and not normally capitalized have the meanings assigned to them in the Indenture, unless otherwise stated in this Official Statement Definitions of certain terms used herein are set forth in "APPENDIX D - SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE - Defmitions." Copies of the Indenture are available for inspection during business hours at the corporate trust office of the Trustee in San Francisco, California This Official Statement speaks only of its date, as set forth on the cover hereof, and the information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall under any circumstances create any implication that there has been no change in the affairs of the Agency or the City since the date hereof. THE FINANCING PLAN The Projects A portion of the proceeds of the Bonds will be deposited into a Redevelopment Fund which is held by the Agency, and will be expended by the Agency to finance programs, projects and activities relating to the Project Area. Such programs, projects and activities include any or all of the following projects of the Agency. [to come] The actual timing and scope of the foregoing projects are unknown and cannot be guaranteed. It is possible that one or more of the above may not occur. The Agency may, consistent with the Redevelopment Law and its covenants set forth in the Indenture, substitute other projects for those which are described above. In January 2003 the City advanced $20 million to the Agency to begin work on the above projects. A portion of the proceeds from the sale of the Bonds will be used to repay a portion of the amount advanced to the Agency, with interest on amounts advanced. SSE