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<br />i <br />TABLE OF CONTENTS <br /> <br /> Page Page <br />INTRODUCTION ................................................... 2   <br />Authority and Purpose ....................................... 2   <br />The City and the Successor Agency ................. 3   <br />The Redevelopment Plans and the Project <br />Areas ............................................................. 4   <br />Tax Allocation Financing ................................... 4   <br />Authority to Issue Refunding Bonds .................. 5   <br />Security for the 2014 Bonds .............................. 5   <br />Limited Obligation .............................................. 6   <br />Debt Service Reserve Account ......................... 6   <br />Application for Bond Insurance and Reserve <br />Fund Surety Bond ......................................... 6   <br />Professionals Involved in the Offering ............... 6   <br />Further Information ............................................ 7   <br />REFUNDING PLAN ............................................... 8   <br />Refunding of the 2002 Bonds ............................ 8   <br />Refunding of the 2004 Bonds ............................ 8   <br />Estimated Sources and Uses of Funds ............. 9   <br />Debt Service Schedule .................................... 10   <br />THE 2014 BONDS .............................................. 11   <br />Authority for Issuance ...................................... 11   <br />Description of the 2014 Bonds ........................ 11   <br />Redemption ..................................................... 11   <br />Additional Bonds ............................................. 14   <br />THE DISSOLUTION ACT .................................... 14   <br />SECURITY FOR THE 2014 Bonds ..................... 16   <br />Pledge Under the Indenture ............................ 16   <br />Tax Revenues ................................................. 16   <br />Flow of Funds Under the Indenture ................. 17   <br />Debt Service Reserve Account ....................... 19   <br />Limited Obligation ............................................ 20   <br />Recognized Obligation Payment Schedules ... 21   <br />Pass-Through Agreements ............................. 24   <br />Section 33676 Payments ................................ 25   <br />Statutory Pass-Through Payments ................. 25   <br />Housing Set-Aside ........................................... 26   <br />PROPERTY TAXATION IN CALIFORNIA .......... 26   <br />Property Tax Collection Procedures ............... 26   <br />Teeter Plan ...................................................... 28   <br />Unitary Property .............................................. 28   <br />Article XIIIA of the State Constitution .............. 29   <br />Appropriations Limitation - Article XIIIB ........... 30   <br />Proposition 87 ................................................. 31   <br />Appeals of Assessed Values ........................... 31   <br />Proposition 8 ................................................... 31   <br />Propositions 218 and 26 ................................. 32   <br />Future Initiatives .............................................. 32   <br />THE SUCCESSOR AGENCY TO THE <br />REDEVELOPMENT AGENCY ........................ 33   <br />OF THE CITY OF San Leandro ........................... 33   <br />Successor Agency Powers .............................. 33   <br />Status of Compliance with Dissolution Act ...... 33   <br />THE PROJECT AREAS ....................................... 34   <br />Project Areas in the Aggregate ........................ 34   <br />Land Use in the Project Areas ......................... 35   <br />Summary of Assessed Value History in the <br />Project Areas ............................................... 37   <br />Unitary Property ............................................... 38   <br />The Redevelopment Plan for the Plaza <br />Project Area ................................................. 38   <br />The Redevelopment Plan for the West San <br />Leandro/MacArthur Boulevard Project <br />Area ............................................................. 41   <br />Low and Moderate Income Housing Set- <br />Aside ........................................................... 42   <br />Major Taxable Property Owners ...................... 42   <br />Tax Rates ........................................................ 44   <br />Appeals of Assessed Values; Proposition 8 .... 45   <br />Historical and Estimated Taxable Valuation <br />and Available Net Tax Increment ................ 49   <br />Projected Available Net Tax Increment and <br />Estimated Debt Service Coverage .............. 52   <br />RISK FACTORS .................................................. 55   <br />Recognized Obligation Payment Schedule ..... 55   <br />Challenges to Dissolution Act .......................... 57   <br />Reduction in Taxable Value ............................. 57   <br />Risks to Real Estate Market ............................ 58   <br />Plan Limits ....................................................... 58   <br />Concentration of Property Ownership .............. 59   <br />Reduction in Inflationary Rate .......................... 59   <br />Development Risks .......................................... 60   <br />Levy and Collection of Taxes ........................... 60   <br />Bankruptcy and Foreclosure ............................ 60   <br />Estimated Revenues ........................................ 61   <br />Hazardous Substances .................................... 61   <br />Natural Disasters ............................................. 61   <br />Changes in the Law ......................................... 62   <br />Loss of Tax-Exemption .................................... 62   <br />Secondary Market ............................................ 62   <br />TAX MATTERS .................................................... 63   <br />CONCLUDING INFORMATION ........................... 64   <br />Underwriting ..................................................... 64   <br />Legal Opinion ................................................... 64   <br />Litigation .......................................................... 65   <br />Rating .............................................................. 65   <br />Continuing Disclosure ...................................... 65   <br />Audited Financial Statements .......................... 66   <br />Miscellaneous .................................................. 66   <br /> <br />APPENDIX A – SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE <br />APPENDIX B – FORM OF BOND COUNSEL OPINION <br />APPENDIX C – BOOK-ENTRY ONLY SYSTEM <br />APPENDIX D – FORM OF SUCCESSOR AGENCY CONTINUING DISCLOSURE CERTIFICATE <br />APPENDIX E – SUCCESSOR AGENCY FINANCIAL STATEMENTS FOR FISCAL YEAR 2012-13 <br />APPENDIX F – STATE DEPARTMENT OF FINANCE APPROVAL LETTER <br />APPENDIX G – SUPPLEMENTAL INFORMATION-CITY OF SAN LEANDRO <br />APPENDIX H – FISCAL CONSULTANT’S REPORT <br />