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<br />ATTACHMENT IV
<br />
<br />28015-20
<br />
<br />JH:SM:ldw
<br />
<br />11/15/04
<br />12/08/04
<br />12/17/04
<br />
<br />PRELIMINARY OFFICIAL STATEMENT DATED JANUARY -' 2005
<br />
<br />NEW ISSUE- BOOK ENTRY ONLY INSURED RATING: Moody's: "-"
<br />S&P: "-"
<br />Fitch:" "
<br />
<br />( ..;nsured.)
<br />UNDERLYING RATING: Moody"s: "-"
<br />S&P: " "
<br />, Fitch:"--"
<br />In the opinion of Nossaman, Guthner, Knox & Elliott, LLP, Irvine, California {"Bond Counsel"}, under existing statutes, regulations,
<br />rulings and judicial decisions, and assuming certain representations and compliance with certain covenants and requirements described
<br />herein, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for
<br />purposes of calculating the federal aHemative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel,
<br />interest on the Bonds ;s exempt from State of California personal income tax. See "OTHER INFORMA TION Tax Matters" herein with
<br />respect to tax consequences with respect to the Bonds.
<br />
<br />$
<br />
<br />CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY
<br />
<br />WATER REVENUE BONDS
<br />
<br />SERIES 2005A
<br />Dated: Date of Delivery Due: February 1, as shown below
<br />
<br />Authority for Issuance. The bonds captioned above (the "Bonds") are being issued by the City of Redwood City Public Financing
<br />Authority (the "Authority") under an Indenture of Trust, dated as of February 1, 2005, by and betvæen the Authority and The Bank of New
<br />York Trust Company, N.Ao, as trustee (the "Trustee"). See "THE BONDS - Authority for Issuance."
<br />
<br />Use of Proceeds. The Bonds are being issued to (i)) finance a water recyding project (as more fully described herein, the "Project")
<br />for the City's water system (the "Enterprise"), (ii) fund a reserve fund for the Bonds, and (iii) pay certain costs incurred in connection with
<br />issuing the Bonds. See "FINANCING PLAN."
<br />
<br />Security for the Bonds. The Bonds are payable from and secured by the Authority's pledge of revenues under the Indenture,
<br />consisting primarily of installment payments to be made by the City of Redwood City (the "City") under an Installment Purchase Contract
<br />dated as of February 1, 2005, by and between the Authority and the City, under which the Authority will acquire the Project and sell the
<br />Project to the City. The Bonds are also secured by moneys on deposit in the funds and accounts established under the Indenture (other than
<br />the Project Fund and the Rebate Fund). The Installment Purchase Contract permits the City to issue bonds or incur other obligations
<br />payable from and secured by a pledge of and lien upon any of the Net Revenues on a parity with the Installment Payments if the conditions
<br />contai ned in the Installment Pu rchase Contract are satisfied. See "5 E CUR I TV FOR TH E BON D S - Additional Debt."
<br />
<br />Bond Terms; Book-Entry Only. The Bonds will bear interest at the rates shown below, payable semiannually on February 1 "cn:J
<br />August 1 of each year, commencing August 1, 2005, and will be issued in fully registered form in the denomination of $5,000 or any integral
<br />multiple of $5,000. The Bonds will be issued in book-entry only form, initially registered in the name of Cede & Co., as nominee of The
<br />Depository Trust Company, New York, New York ("DTC"). Purchasers of the Bonds will not receive certificates representing their
<br />interests in the Bonds.
<br />
<br />Redemption. Prior to their maturity, the Bonds are subject to optional redemption, mandatory redemption from
<br />insurance or condemnation proceeds, and mandatory sinking fund redemption, as described in this Official Statement. See
<br />"THE BONDS - Redemption."
<br />
<br />Bond Insurance. Payment of the principal of and interest on the Bonds when due will be insured by a municipal bond insurance
<br />policy to be issued by simultaneously with the delivery of the Bonds.
<br />
<br />[INSERT INSURER'S LOGO]
<br />
<br />MATURITY SCHEDULE
<br />
<br />. (See inside front cover)
<br />
<br />THE BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY AND ARE PAYABLE SOLELY FROM REVENUES
<br />DERIVED UNDER THE INDENTURE AS DESCRIBED HEREIN. NEITHER THE BONDS NOR THE OBLIGATION TO PAY
<br />PRINCIPAL OF OR INTEREST ON THE BONDS CONSTITUTES A DEBT OR A LIABILITY OF THE AUTHORITY, THE CITY, THE
<br />STATE OF CALIFORNIA OR ANY OF ITS POLITICAL SUBDIVISIONS WITHIN THE MEANING OF ANY CONSTITUTIONAL
<br />LIMITATION ON INDEBTEDNESS. IN NO EVENT WILL THE BONDS BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES
<br />OTHER THAN THOSE OF THE AUTHORITY AS DESCRIBED IN THIS OFFICIAL STATEMENT.
<br />
<br />This cover page contains certain information for quick reference only. It is not a summary of this issue of Bonds. Investors must read
<br />the entire Official Statement to obtain information essential to the making of an informed investment decision with respect to the purchase á
<br />the Bonds.
<br />
<br />The Bonds are being sold pursuant to competitive sale on January _,2005, as more fully described in the Office Notice of Sale
<br />relating to the Bonds.
<br />
<br />The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to the approval as to their legality by
<br />Nossaman, Guthner, Knox & Elliott, LLP, Irvine, California, Bond Counsel. Certain legal matters will be passed ufXX1 for the Authority éI1d
<br />the City by the City Attorney. Jones Hall, A Professional Law Corporation, San Francisco, California, is serving as Disclosure Counsel to
<br />the Authority. It is anticipated that the Bonds will be delivered in definitive form through DTC on or about February _,2005.
<br />
<br />The date of this Official Statement is February _,2005.
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