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<br />6 <br />Limited Obligation <br /> <br />The 2014 Bonds are special obligations of the Successor Agency and are secured by an <br />irrevocable pledge of and lien on, and are payable as to principal, interest and premium, if any, <br />from Tax Revenues and other funds. The 2014 Bonds, interest and premium, if any, are not a <br />debt of the City, the County, the State or any of their political subdivisions except the Successor <br />Agency, and none of the City, the County, the State nor any of their political subdivisions <br />(except the Successor Agency) are liable thereon. The 2014 Bonds, interest thereon and <br />premium, if any, are not payable out of any funds or properties other than those set forth in the <br />Indenture. No member, officer, agent, or employee of the Successor Agency, the Oversight <br />Board, the County Board of Supervisors or any person executing the 2014 Bonds is liable <br />personally on the 2014 Bonds by reason of their issuance. <br /> <br />Debt Service Reserve Account <br /> <br />The Successor Agency will fund a debt service reserve account (the “Reserve <br />Account”) in an amount equal to the “Reserve Requirement” (as defined below). The Reserve <br />Requirement may also be met with the deposit of a “Qualified Reserve Account Credit <br />Instrument” (as defined below) in the form or a reserve fund surety bond or policy. See <br />“SECURITY FOR THE 2014 BONDS – Reserve Account.” <br /> <br />Application for Bond Insurance and Reserve Fund Surety Bond <br /> <br />The Successor Agency has made application for bond insurance on the 2014 Bonds and <br />for the provision of a reserve fund surety bond. Should the Successor Agency select a bond <br />insurer and reserve fund surety provider, then the Successor Agency will release such <br />information prior to the offering of the 2014 Bonds, and the Official Statement, including the <br />summary of legal documents included herein, will be revised to reflect the terms of the <br />commitment to issue such policies. <br /> <br />Professionals Involved in the Offering <br /> <br />Public Financial Management, Inc., San Francisco, California, has served as financial <br />advisor to the Successor Agency and has advised the Successor Agency with respect to the <br />financial structure of the refinancing and as to other financial aspects of the transaction. <br />Payment of the fees and expenses of the financial advisor is contingent upon the sale and <br />delivery of the 2014 Bonds. <br /> <br />Urban Analytics, LLC, San Francisco, California, has acted as fiscal consultant to the <br />Successor Agency (the “Fiscal Consultant”) and advised the Successor Agency as to the <br />taxable values and Tax Revenues projected to be available to pay debt service on the 2014 <br />Bonds as referenced in this Official Statement. The report prepared by the Fiscal Consultant is <br />referred to as the “Fiscal Consultant’s Report” and is attached as Appendix H. <br /> <br />U.S. Bank National Association, San Francisco, California, will act as Trustee with <br />respect to the 2014 Bonds. <br /> <br />All proceedings in connection with the issuance of the 2014 Bonds are subject to the <br />approval of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond <br />Counsel to the Successor Agency. Jones Hall is also acting as Disclosure Counsel. Meyers, <br />Nave, Riback, Silver & Wilson, as City Attorney and Successor Agency counsel, will render