10A Action 2008 0602 Attach - Preliminary Official Statement

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Bonds designated for redemption at their respective addresses appearing on the Registration Books, and (ii) the Securities Depositories and to one or more Information Services designated in a Written Request of the Agency filed with the Trustee; but such mailing shall not be a condition precedent to such redemption and neither failure to receive any such notice nor any defect therein shall affect the validity of the proceedings for the redemption of such 2008 Bonds or the cessation of the accrual of interest thereon. Such notice is required to state the redemption date and the redemption price, shall state that such redemption is conditioned upon the timely delivery of the redemption price by the Agency to the Trustee for deposit in the Redemption Account, shall designate the CUSIP number of the 2008 Bonds to be redeemed, shall state the individual number of each 2008 Bond to be redeemed or shall state that all 2008 Bonds between two stated numbers (both inclusive) or all of the 2008 Bonds Outstanding are to be redeemed, and shall require that such 2008 Bonds be then surrendered at the Principal Corporate Trust Office of the Trustee for redemption at the redemption price, giving notice also that further interest on such 2008 Bonds will not accrue from and after the redemption date. The Agency shall have the right to rescind any optional redemption by written notice to the Trustee on or prior to the date fixed for redemption. Selection of Bonds for Redemption. Whenever any 2008 Bonds or portions thereof are to be selected for redemption by lot, the Agency shall make such selection, in such manner as the Agency shall deem appropriate, and if the Agency fails to make such selection, the Trustee shall make such selection, in such manner as the Trustee shall deem appropriate, and shall notify the Agency thereof to the extent 2008 Bonds are no longer held in book-entry form. In the event of redemption by lot of 2008 Bonds, the Trustee shall assign to each 2008 Bond then Outstanding a distinctive number for each $5,000 of the principal amount of each such 2008 Bond. The 2008 Bonds to be redeemed shall be the 2008 Bonds to which were assigned numbers so selected, but only so much of the principal amount of each such 2008 Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. Transfer and Exchange. So long as the 2008 Bonds are registered in the name of Cede & Co., as nominee of DTC, transfers and exchanges of 2008 Bonds will be made in accordance with DTC procedures. See `Appendix F" below. Any 2008 Bond may, in accordance with its terms, be transferred, upon the registration books of the Trustee, upon surrender of such 2008 Bond to the Trustee at its Principal Corporate Trust Office for cancellation, accompanied by delivery of a written instrument of transfer in a form acceptable to the Trustee, duly executed. Whenever any 2008 Bond or Bonds are surrendered for registration of transfer, the Agency shall execute and the Trustee shall authenticate and deliver a new 2008 Bond or Bonds, of like series, interest rate, maturity and principal amount of authorized denomination. The Trustee may refuse to transfer, either (a) any 2008 Bonds during the period fifteen (15) days prior to the date established by the Trustee for the selection of 2008 Bonds for redemption, or (b) any 2008 Bonds selected by the Trustee for redemption. THE FINANCING PLAN A portion of the proceeds of the 2008 Bonds are expected to be used to pay all or a portion of the costs of financing redevelopment projects that meet the goals and objectives set forth in the Redevelopment Plan. The Agency expects redevelopment projects to be assisted from 2008 Bond proceeds to include the design and construction of a Senior Center, a Parking Garage and infrastructure improvements on East 14th Street. The Senior Center is an approximately 21,000 square-foot facility including a main hall, kitchen, computer room, crafts room, exercise room, two classrooms, and a staff area. The -5-