RDA Reso 2004-005 - Laserfiche WebLink

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OFFICIAL STATEMENT $5,500,000 Redevelopment Agency of the City of San Leandro West San Leandro/MacArthur Boulevard Redevelopment Project Tax Allocation Bonds, Series 2004 This Official Statement, including the cover page and appendices hereto, is provided to furnish information in connection with the sale by the Redevelopment Agency of the City of San Leandro (the "Agency") of its West San Leandro/MacArthur Boulevard Redevelopment Project, Tax Allocation Bonds, Series 2004 (the "Bonds"). INTRODUCTION This Introduction contains a brief summary of certain information contained in this Official Statement. It is not intended to be complete and is qualified by the more detailed information contained elsewhere in this Official Statement. Definitions of certain terms used in this Official Statement are set forth in "APPENDIX C -Summary of Certain Provisions of the Indenture". Authority for Issuance. The Agency is a redevelopment agency existing under the Community Redevelopment Law of the State of California (the "State"), constituting Part 1 of Division 24 (commencing with Section 33000) of the California Health and Safety Code, as amended (the "Redevelopment Law"). The Bonds are being issued under the Redevelopment Law and pursuant to an Indenture of Trust (the "Indenture"), dated as of June 1, 2004, by and between the Agency and U.S. Bank National Association, San Francisco, California, as trustee (the "Trustee"). The Bonds will be sold by competitive bidding to be held on ___ 2004, in accordance with the Official Notice of Sale. Use of Proceeds. The proceeds of the Bonds will be used to (i) fund certain redevelopment activities of benefit to property within the Agency's West San Leandro/MacArthur Boulevard Redevelopment Project Area (the "Pro)'ect Area"); (ii) fund a reserve fund for the Bonds; and (iii) to pay the costs of issuing the Bonds. See "THE FINANCING PLAN." Security for the Bonds. The Bonds will be payable from and secured by Tax Revenues (as defined herein) allocated to Agency from the Project Area. In California, the financing and refinancing of redevelopment projects maybe provided by the issuance of tax allocation bonds. Such bonds are payable from property taxes collected within a redevelopment project area attributable to the increase in assessed valuation of property therein, as explained in greater detail herein. The Bonds are payable from and secured by certain tax increment revenues of the Agency constituting Tax Revenues generated from property in the Project Area. Tax Revenues is defined in the Indenture and generally includes certain ad valorem property taxes attributable