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Jones Hall Draft 5/20/08
<br />PRELIMINARY OFFICIAL STATEMENT DATED , 2008
<br />NEW ISSUE- FULL BOOK ENTRY INSURED RATINGS: Moody's: "
<br />SB~P: <<„
<br />Underlying Rating: "_"
<br />In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain
<br />qualifications described herein, under existing law, the interest on the 2008 Bonds is excluded from gross income for federal income fax
<br />purposes, and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and
<br />corporations, although for the purpose of computing the alternative minimum fax imposed on certain corporations, such interest is Taken into
<br />account in determining certain income and earnings.. In the further opinion of Bond Counsel, such interest is exempt from California personal
<br />income taxes. See "TAX MATTERS" herein.
<br />$33,250,000*
<br />Redevelopment Agency of the City of San Leandro
<br />Alameda County -City of San Leandro Redevelopment Project
<br />Tax Allocation Bonds, Series 2008
<br />bated: pate of Delivery Due: September 1, as shown below
<br />The Redevelopment Agency of the City of San Leandro, Alameda County -City of San Leandro Redevelopment Project, Tax Allocation
<br />Bonds, Series 2008 (the "2008 Bonds") are being issued by the Redevelopment Agency of the City of San Leandro (the "Agency") pursuant to
<br />the California Community Redevelopment Law, constituting Part 1, Division 24 (commencing with Section 33000) of the California Health and
<br />Safety Code (the "Redevelopment Law") and an Indenture of Trust, dated as of June 1, 2008 (the "Indenture"). The 2008 Bonds are being
<br />issued to fund redevelopment activities of benefit to the Agency's Alameda County -City of San Leandro Redevelopment Project Area (the
<br />"Project Area").
<br />The 2008 Bonds will be delivered as fully registered bonds, registered in the name of Cede & Co. as nominee of The Depository Trust
<br />Company, New York, New York ("DTC"), and will be available to ultimate purchasers ("Beneficial Owners") in the denomination of $5,000 or
<br />any integral multiple thereof, under the book-entry system maintained by DTC. Beneficial Owners will not be entitled to receive delivery of
<br />certificates representing their ownership interest in the 2008 Bonds. Interest on the 2008 Bonds is payable on March 1 and September 1 of
<br />each year, commencing March 1, 2009 by U.S. Bank National Association, San Francisco, California, as trustee (the "Trustee"), to DTC for
<br />subsequent disbursement to DTC participants, so long as DTC or its nominee remains the registered owner of the 2008 Bonds.
<br />The 2008 Bonds are subject fo optional and mandatory redemption prior to their maturity under certain conditions described herein.
<br />The 2008 Bonds are special obligations of the Agency and are payable from Tax Revenues (as defined herein) consisting primarily of tax
<br />increment derived from property in the Project Area and allocated to the Agency pursuant to the Redevelopment Law. No funds or properties
<br />of the Agency, other than the Tax Revenues are pledged to secure the 2008 Bonds. See "SECURITY FOR THE BONDS." The receipt of Tax
<br />Revenues is subject to certain risks and limitations. See "RISK FACTORS" and "LIMITATIONS ON TAX REVENUES" herein.
<br />THE 2008 BONDS ARE NOT A DEBT, LIABILITY OR OBLIGATION OF THE CITY OF SAN LEANDRO, THE STATE OF
<br />CALIFORNIA, OR ANY OF ITS POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND NEITHER THE CITY, THE STATE NOR
<br />ANY OF ITS POLITICAL SUBDIVISIONS, OTHER THAN THE AGENCY, IS LIABLE THEREFOR. THE PRINCIPAL OF, PREMIUM, IF
<br />ANY, AND INTEREST ON THE 2008 BONDS ARE PAYABLE SOLELY FROM TAX REVENUES ALLOCATED TO THE AGENCY FROM
<br />THE PROJECT AREA AND AMOUNTS IN CERTAIN FUNDS AND ACCOUNTS HELD UNDER THE INDENTURE. NEITHER THE
<br />AGENCY, THE CITY NOR ANY PERSONS EXECUTING THE 2008 BONDS ARE LIABLE PERSONALLY ON THE 2008 BONDS BY
<br />REASON OF THEIR ISSUANCE.
<br />The scheduled payment of principal of and interest on the 2008 Bonds when due will be guaranteed under an insurance policy
<br />to be issued concurrently with the delivery of the Bonds by .See "BOND INSURANCE."
<br />[Insurer's logo]
<br />This cover page contains certain information for quick reference only. It is not intended to be a summary of all factors relating to an
<br />investment in the 2008 Bonds. Investors should review the entire Official Statement before making any investment decision.
<br />MATURITY SCHEDULE
<br />Maturity Principal Interest CUSIP: Maturity Principal Interest CUSIP:
<br />j:Seotember 1) Amount Rate Price ~) {September 1) Amount Rate Price (_)
<br />$ _% Term Bonds due September 1, 20 Price: %; CUSIP
<br />$ _% Term Bonds due September 1, 20_ Price: %; CUSIP
<br />The 2008 Bonds were sold pursuant to a competitive sale on , 2008. The 2008 Bonds are offered when, as and if
<br />delivered and received by the Underwriter, subject to the approval as fo their legality by Jones Hall, A Professional Law Corporation, San
<br />Francisco, California, Bond Counsel, Jones Hall is also serving as Disclosure Counsel. Certain legal matters will be passed upon for the
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