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Jones Hal] Draft 3 / 26 / 04
<br />4/8/04
<br />4/21/04
<br />PRELIMINARY OFFICIAL STATEMENT DATED , 2004
<br />NEW ISSUE- FULL BOOK ENTRY NOT RATED
<br />[BANK QUALIFIED]
<br />In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to
<br />certain qualifications described herein, under existing law, the interest on the Bonds rs excluded from gross income for federal
<br />income tax purposes, and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed
<br />on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain
<br />corporations, such interest is taken into account in determinin certain income and earnings, (and the Bonds are "qualified tax-
<br />exempt obligations" within the meaning of section 265(b)(3) of t~e Internal Revenue Code of 1986]. In the further opinion of Bond
<br />Counsel, such interest is exempt from California personal income taxes. See "TAX MAT ERS" herein.
<br />$5,500,000*
<br />Redevelopment Agency of the City of San Leandro
<br />West San Leandro/MacArthur Boulevard Redevelopment Project
<br />Tax Allocation Bonds, Series 2004
<br />Dated: Date of Delivery
<br />Due: September 1, as shown below
<br />The Redevelopment Agency of the City of San Leandro, West San Leandro /MacArthur Boulevard Redevelopment Project,
<br />Tax Allocation Bonds, Series 2004 (the 'Bonds°) are being issued by the RedeveloEment Agency of the City of San Leandro (the
<br />"Agency") pursuant to the California Community Redevelopment Law, constituting Part 1, Division 24 (commencing with
<br />Section 33000) of the California Health and Safety Code (the "Redevelopment Law') and an Indenture of Trust, dated as of June
<br />1, 2004 (the "Indenture'). The Bonds are being issued to fund redevelopment activities of benefit to the Agency's West San
<br />Leandro /MacArthur Boulevard Redevelopment Project Area (the "Project Area").
<br />The Bonds will be delivered as fully reggistered bonds, registered in the name of Cede & Co. as nominee of The Depository
<br />Trust Company, New York, New York ("DTC"), and will be available to ultimate purchasers ("Beneficial Owners') in the
<br />denomination of $5,000 or any integral multiple thereof, under the book-entry system maintained by DTC. Beneficial Owners
<br />will not be entitled to receive delivery of certificates representing their ownership interest in the Bonds. Interest on the Bonds is
<br />payable on March 1 and September 1 of each year, commencing March 1, 2005 by U.S. Bank National Association, San
<br />Francisco, California, as trustee (the "Trustee"), to DTC for subsequent disbursement to DTC participants, so long as DTC or
<br />its nominee remains the registered owner of the Bonds.
<br />The Bonds are subject to optional and mandatory redemption prior to their maturity under certain conditions described herein.
<br />The Bonds axe special obligations of the Agency and are payable from Tax Revenues (as defined herein) consisting
<br />primarily of tax increment derived from property in the Project Area and allocated to the Agency pursuant to the Redevelopment
<br />Law. No funds or properties of the Agency, other than the Tax Revenues are plodged to secure the Bonds. See "SECURITY FOR
<br />THE BONDS." The receipt of Tax Revenues is subject to certain risks and limitations. See "RISK FACTORS" and
<br />"LIMITATIONS ON TAX REVENUES" herein.
<br />THE BONDS ARE NOT A DEBT, LIABILITY OR OBLIGATION OF THE CITY OF SAN LEANDRO, THE STATE
<br />OF CALIFORNIA, OR ANY OF ITS POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND NEITHER
<br />THE CITY, THE STATE NOR ANY OF ITS POLITICAL SUBDIVISIONS, OTHER THAN THE AGENCY, IS LIABLE
<br />THEREFOR. THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE BONDS ARE PAYABLE SOLELY
<br />FROM TAX REVENUES ALLOCATED TO THE AGENCY FROM THE PROJECT AREA AND AMOUNTS IN
<br />CERTAIN FUNDS AND ACCOUNTS HELD UNDER THE INDENTURE. NEITHER THE AGENCY, THE CITY NOR
<br />ANY PERSONS EXECUTING THE BONDS ARE LIABLE PERSONALLY ON THE BONDS BY REASON OF THEIR
<br />ISSUANCE.
<br />This cover page contains certain information for quick reference only. It is not intended to be a surrunary of all factors
<br />relating to an investment in the Bonds. Investors should review the entire Official Statement before making any investment
<br />decision.
<br />MATURITY SCHEDULE
<br />Maturity Principal Interest CUSIP: Maturity Principal Interest CUSIP:
<br />fS~IQmber 1) ~ at ' i ~ O (Sewember 1) i t to Pig (_)
<br />$ _`Jo Term Bonds due September 1, 20 Price: %; CUSIP
<br />$ ~% Term Bonds due September 1, 20_ Price: ~o; CUSIP
<br />The Bonds were sold pursuant to a competitive sale on , 2004. The Bonds are offered when, as and if delivered and received by the
<br />Underwriter, subject to the approval as to their legality by Janes Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel. Jones Hall
<br />is also serving as Disclosure Counsel. Certain legal matters will be passed upon for the Agency by the City Attorney of the City of San Leandro. It is
<br />anficipated that the Bonds will be available for deliaery to DTC on or about , 2004.
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