8D Consent 2007 0416 - Laserfiche WebLink

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TABLE OF CONTENTS INTRODUCTION ............... ................. ....................................................................... ...................................................... 1 THE FI NANCI NG PLAN................................................................................................................................................... 3 ESTIMATED SOURCES AND USES OF FUNDS............................................................................................................ 5 THE CERTIFiCATES............ ........................ ......... ............................ .......... ......... ........................... ................ ................ 6 General... .......... .............. ............................ ........... .................... ............. ....................... .............................................. 6 Prepayment........... ............................. ............. ............................................................... .............................................. 6 Book-Entry Only System.............. ....... ............................. ...... ........................................ ............. ................... .............. 8 Transfer and Exchange of Certificates ......................................................................................................................... 8 LEASE PAYMENT SCHEDULE........ ......................... ........... ................................ ........................................................... 9 SECURITY AND SOURCES OF PAYMENT FOR THE CERTIFiCATES....................................................................... 10 Delivery of the Certificates ........................................................................ .................................... .............. ................... 10 Lease Payments... ..... ............ ........ ............. ............................................ ....................... ...................................... ...... 10 Additional Rental Payments ................... ............ ...................... ........................ ......................... .... ............................. 10 Covenant to Appropriate Funds for Lease Payments ................................................................................................. 11 Abatement............ ...... ................................................................................................................................................ 11 Action on Default.. .... ........................... .......... ............................. ............... ................... ................ .............................. 12 Reserve Fund... ..... .............. ........................................................................................................................ .............. 12 Insurance.. ............. .......... .......................... ....... ............. ....... ............... ....... ................................................. .............. 13 FINANCIAL GUARANTY, INSURANCE POLiCy...................... ......................... ............... ........ .... ................................. 15 THE CITY OF SAN LEANDRO ...................................................................................................................................... 15 Background..................................................................... ....................................................................... .................... 15 Management.......... ............................................................... ....... .............................................................................. 16 Budgetary Process and Administration ......................................................................................................................16 Summary Financial Information ...... ..................................................... ....................... ................................................ 17 Sales and Use Taxes ............................. ................ ........................... .........................................................................20 Property Taxes ....... .................. .... ............ ............................................ ......................................... ............................. 22 Other Taxes....................... ............................... ........................................................ ....... ............... ........................... 25 Licenses and Permits..... ............................... ............ .................. ............................................... .............. ...... ............ 26 Other Revenue Sources...... ................. ....... ........................... ........ .................................................. .................. ........ 26 Investment Policies and Procedures ...................... ........... ......................................... .................. .............................. 27 Outstanding General Fund Obligations ......................................................................................................................27 Overlapping Debt Statement........ .................. ........... .................................. ................... ...... ..................... ................. 29 Employee Relations and Collective Bargaining ..........................................................................................................30 Pension Plans .... ......... .... ....... ......... ....... ......... .............................. ............ ................ ....... ........... ............................... 30 LIMITATIONS ON TAX REVENUES........................................ ................ ........................ ............... ............ ................... 30 Property Tax Rate Limitations - Article XIIIA .............................................................................................................. 30 Appropriation Limitation - Article XIIIB .................... ........:....................................................... ................. ................... 32 California Constitution Article XIIIC and Article XIIID (Proposition 218)...................................................................... 32 Proposition 6...... ......... ........... ..... ................................ ..... .................................. ........... ............................................. 33 Future Initiatives..... ...... ..... .............. ...... ..... ................................. ................ ..................... ..... ...... ......... ...................... 33 State Budgets ...... ............... ............ ...................................................... ................................ .... ................................. 33 RISK FACTORS... ............ ..... .................................... ........................... ....... ............................. ..................................... 36 No Pledge of Taxes.................... ..... ......................... ....... ........ ..... ................ ................... ......................... .................. 36 Additional Obligations of the City ........................................... ...................... .................................... ....... ................... 37 Default... ......... ........................... .............. .............. .............. ......................................... ............ .... ............................. 37 Abatement......... .................... ........ ..... ............ ........ ...................................................... ..... ............... .......................... 38 Earthquakes.................... ............ ..... ..... ..... ................................................................................................................ 38 Limitations on Remedies; Bankruptcy .............................................................................................................--.........39 THE AUTHORITY........................... .................... ........................................................... ................................................ 39 TAX MATTERS........................... .............................................................................................. .......................... ........... 39 FINANCIAL STATEMENTS OF THE CITY .................................................................................................................... 41 PROFESSIONALS INVOLVED IN THE OFFERING...................................................................................................... 41 LITIGATION ........ .........................., ............................ ..................................... ............................................................... 41 RATINGS.... ............ ..... ........ ............ ........ .......... ..... .............................. .............. ....... .................... .................. ............... 41 UNDERWRITI NG.. .................... ........ ................... ....................... .................... ..................................... .............. ............ 42 CONTINUING DiSCLOSURE........ ........... ........... ...... ........................... ...... ......... .............................. ............................ 42 VERIFICATION OF MATHEMATICAL COMPUTATIONS..............................................................................................42 EXECUTION. .......... ................. ...... .... ................ .............. .................. ............................... ............ ......... ................... ..... 44 APPENDIX A - Demographic Information About the City of San Leandro APPENDIX B - Audited Financial Statements for Fiscal Year Ended June 30, 2006 APPENDIX C - City of San Leandro Statement of Investment Policy APPENDIX D - Summary of Principal Legal Documents APPENDIX E - Form of Proposed Opinion of Special Counsel APPENDIX F - Specimen Financial Guaranty Insurance Policy APPENDIX G - Form of Continuing Disclosure Certificate APPENDIX H - Book-Entry Only System