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TABLE OF CONTENTS INTRODUCTION ........................................... THE 2010 BONDS ........................................ Description ................................................. Redemption ................................................ General Redemption Provisions ................ THE FINANCING PLAN ................................ Estimated Sources and Uses of Funds...... DEBT SERVICE SCHEDULE ........................ SECURITY FOR THE BONDS ...................... Tax Allocation Financing ............................ Allocation of Taxes ..................................... Housing Tax Revenues .............................. Issuance of Additional Debt ....................... Reserve Account ........................................ No Existing Parity Debt .............................. THE AGENCY AND THE PROJECT AREAS Authority and Personnel ............................. Agency Administration ................................ The Alameda County -City of San Leandro Project Area ................................. Land Uses .................................................. The West San Leandro/MacArthur ...1 ..4 .4 ..4 ...5 ...6 ..7 ...8 ...9 ...9 ...9 .10 .12 .13 .15 .15 .15 .16 Projected Tax Revenues ........................ Projected Housing Tax Revenues .......... RISK FACTORS ......................................... Reduction in Taxable Value .................... Reduction in Inflationary Rate ................. Levy and Collection ................................. Tax Increment From Unsecured Roll...... Parity Debt .............................................. Factors Relating to Sub-Prime Loans..... State of California Fiscal Issues ............. AB 1389 Reporting Requirements.......... Earthquake Risk ..................................... Hazardous Substances ........................... Bankruptcy Risks .................................... Secondary Market ................................... LIMITATIONS ON TAX REVENUES ......... Property Tax Limitations: Article XIIIA of the California Constitution ................... Implementing Legislation ........................ Challenges to Article XIIIA ...................... Property Tax Collection Procedures ....... Unitary Property ...................................... Statement of Indebtedness ..................... Exclusion of Tax Revenues for General Obligation Bonds Debt Service ............... Appropriations Limitations: Article XIIIB of the California Constitution ................... CONTINUING DISCLOSURE .................... NO LITIGATION ......................................... RATING ...................................................... TAX MATTERS .......................................... CERTAIN LEGAL MATTERS .................... UNDERWRITING ....................................... MISCELLANEOUS ..................................... 38 39 44 44 44 45 45 45 45 45 47 47 48 48 48 48 ..16 ..17 Boulevard Project Area .................................19 Limitations on Housing Tax Revenues..........22 Agency Tax Sharing Obligations -Joint Project Area ......................................... .........23 Agency Tax Sharing Obligations - West San Leandro Project Area .......... .........25 Allocation of Taxes ............................... .........25 Assessed Valuation .............................. .........26 Tax Increment Revenue Estimate ........ .........31 Major Property Owners ........................ .........31 Tax Rates ............................................. .........34 Appeals of Assessed Values ................ .........35 APPENDIX A - Audited Financial Statements of the Agency for Fiscal Year Ended June 30, 2008 APPENDIX B - Fiscal Consultant's Report APPENDIX C - Summary of Certain Provisions of the Indenture APPENDIX D - City of San Leandro General Information APPENDIX E - Form of Bond Counsel Opinion APPENDIX F -Form of Continuing Disclosure Certificate APPENDIX G - Book Entry Only System 48 49 50 50 51 51 52 ...... 52 ...... 53 ...... 53 ...... 54 ...... 54 ...... 54 ...... 54 ...... 55