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8.A. - Page 4 <br /> As is the case with the 2000 Bonds, the refunding bonds would be limited obligations of <br /> the City. The City's only obligation in the event that one of the property owners defaults <br /> on the payment of their special tax would be to advance funds from the debt service <br /> reserve fund and, if necessary to initiate foreclosure proceedings. No City funds are <br /> pledged to repay the debt service on the refunding bonds. <br /> In the event there are material tax delinquencies and the amount of special taxes collected <br /> is insufficient to pay debt service, the City could incur unreimbursed administrative <br /> expenses. The City is authorized under the Act to institute foreclosure proceedings to <br /> recover delinquent special taxes and to recover administrative expenses, interest and <br /> penalties from foreclosure proceeds. <br /> � <br /> � �^-- <br /> BRIAN PONTY <br /> FINANCE DIRECTOR <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. Resolution authorizing the issuance and sale of Special Tax Refunding Bonds for <br /> and on behalf of the City of Redwood City Community Facilities District No. 2000-1 <br /> (Pacific Shores Project) and approving of the form of and directing the execution of a <br /> fiscal agent agreement, escrow instructions, a continuing disclosure agreement, a <br /> bond purchase contract, and an Official Statement, and approving other related <br /> documents and actions necessary to issue such bonds. <br /> 2. Summary description of principal bond-related documents <br /> 3. Preliminary Sources and Uses of Funds and Savings Report <br /> 4. Preliminary Official Statement <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> 1. Fiscal Agent Agreement <br /> 2. Escrow Agreement <br /> 3. Bond Purchase Contract <br /> 4. Continuing Disclosure Certificate <br />