Finance Highlights 2011 1202 - Laserfiche WebLink

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TABLE OF CONTENTS Page INTRODUCTION ......... ..............................1 General.................... ..............................1 TheCity .................... ..............................1 Authority for the Bonds ...........................1 Purpose.................... ..............................1 Security for the Bonds ............................1 Redemption ............. ............................... 2 Limited Obligations ... ..............................2 Summaries Not Definitive .......................2 PLAN OF FINANCING . ..............................3 General................... ............................... 3 Refunding of Obligations Under the PERS Contract ..... ..............................3 Estimated Sources and Uses of Funds ... 4 THE BONDS ................ ..............................4 General................... ............................... 4 Redemption of the Bonds ....................... 5 Book -Entry System ... ..............................7 DEBT SERVICE SCHEDULE ....................7 SECURITY FOR THE BONDS ...................8 Source of Payment ... ..............................8 Debt Service Fund .... ..............................8 The Bonds are not Lease Revenue Bonds................... ..............................9 PERS Pension plans .... ..............................9 THE CITY'S PENSION PLAN ..................11 RISK FACTORS ......... .............................13 Limitations on Remedies Available; Bankruptcy ........... .............................13 Assessed Value of Taxable Property.... 13 Public Safety and Security Issues ......... 14 Pension Benefit Liability ........................14 Proposition 218 ....... .............................15 Hazardous Substances .........................17 Page Litigation .................. .............................18 Impact of State Budget on City Revenues ............. .............................18 Vehicle License Fees ............................26 Impact of Sales and Use Tax Redirection ........... .............................27 State Law Limitations on Appropriations ...... .............................27 Change in Law ......... .............................27 Secondary Market .... .............................28 CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS . .............................29 Article XIIIA of the State Constitution ....29 Article XIIIB of the State Constitution ....29 Proposition 62 .......... .............................30 Article XIIIC and XIIID of the State Constitution .......... .............................31 Proposition 1A; Proposition 22 ..............32 Unitary Property ....... .............................33 Future Initiatives ...... .............................33 VALIDATION PROCEEDINGS .................33 CONTINUING DISCLOSURE ..................34 CONCLUDING INFORMATION ...............34 Underwriting ............ .............................34 Legal Opinion .......... .............................34 Tax Matters .............. .............................35 Circular 230 Disclaimer .........................35 ERISA Considerations ..........................35 Litigation .................. .............................36 Ratings.................... .............................36 Financial Statements ............................37 Miscellaneous .......... .............................37 APPENDIX A - CITY OF SAN LEANDRO GENERAL DEMOGRAPHIC AND FINANCIAL INFORMATION APPENDIX B - SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE APPENDIX C - COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, [2011] APPENDIX D - CITY INVESTMENT POLICY APPENDIX E - PROPOSED FORM OF FINAL OPINION APPENDIX F - FORM OF CONTINUING DISCLOSURE CERTIFICATE APPENDIX G - DTC AND THE BOOK -ENTRY ONLY SYSTEM