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<br />i <br /> <br /> <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 />Security for the 2018 Bonds ............................... 3 <br />Reserve Account; 2018 Reserve Policy ............. 5 <br />The Redevelopment Plan and the Project <br />Area ............................................................... 5 <br />Limited Obligation .............................................. 5 <br />Additional Bonds ................................................ 6 <br />Professionals Involved in the Offering................ 6 <br />Further Information ............................................. 6 <br />REFUNDING PLAN ............................................... 8 <br />Refunding of the Prior Bonds ............................. 8 <br />Estimated Sources and Uses of Funds .............. 9 <br />Debt Service Schedule ..................................... 10 <br />THE 2018 BONDS ............................................... 11 <br />Authority for Issuance ...................................... 11 <br />Description of the 2018 Bonds ......................... 11 <br />Redemption ...................................................... 12 <br />Additional Bonds .............................................. 14 <br />THE DISSOLUTION ACT .................................... 15 <br />SECURITY FOR THE 2018 BONDS ................... 18 <br />Pledge Under the Indenture ............................. 18 <br />Tax Revenues .................................................. 18 <br />Flow of Funds Under the Indenture .................. 19 <br />Reserve Account; 2018 Reserve Policy ........... 21 <br />Limited Obligation ............................................ 22 <br />Recognized Obligation Payment Schedules .... 22 <br />Project Area Agreement with County ............... 27 <br />No Statutory Pass-Through (AB 1290) <br />Payments ..................................................... 27 <br />Section 33676 (2%) Payments......................... 27 <br />Pass-Through Agreements .............................. 28 <br />Other Agreements ............................................ 29 <br />PROPERTY TAXATION IN CALIFORNIA ........... 30 <br />Property Tax Collection Procedures ................ 30 <br />Delinquencies; Teeter Plan .............................. 31 <br />Unitary Property ............................................... 32 <br />Article XIIIA of the State Constitution ............... 32 <br />Appropriations Limitation - Article XIIIB ............ 33 <br />Proposition 87 .................................................. 34 <br />Appeals of Assessed Values ........................... 34 <br />Proposition 8 .................................................... 35 <br />Propositions 218 and 26 .................................. 35 <br />Future Initiatives .............................................. 36 <br />THE SUCCESSOR AGENCY .............................. 37 <br />Successor Agency Powers .............................. 37 <br />Status of Compliance with Dissolution Act ...... 37 <br />Last and Final ROPS ....................................... 37 <br />Audited Financial Statements .......................... 37 <br />THE PROJECT AREA ......................................... 37 <br />General ............................................................ 37 <br />Land Use Types .............................................. 38 <br />Assessed Valuation ......................................... 40 <br />Major Property Owners .................................... 40 <br />Assessment Appeals ....................................... 41 <br />Projected Tax Revenues and Debt Service <br />Coverage ..................................................... 44 <br />RISK FACTORS .................................................. 47 <br />Recognized Obligation Payment Schedule ..... 47 <br />Challenges to Dissolution Act .......................... 47 <br />Reduction in Taxable Value ............................. 48 <br />Risks to Real Estate Market ............................ 49 <br />Concentration of Property Ownership ............. 49 <br />Reduction in Inflationary Rate ......................... 50 <br />Development Risks .......................................... 50 <br />Levy and Collection of Taxes .......................... 50 <br />Bankruptcy and Foreclosure ............................ 50 <br />Projected Tax Revenues ................................. 51 <br />Hazardous Substances ................................... 51 <br />Natural Disasters ............................................. 51 <br />Changes in the Law ......................................... 52 <br />Loss of Tax-Exemption .................................... 52 <br />Secondary Market............................................ 52 <br />TAX MATTERS .................................................... 53 <br />RATING ............................................................... 54 <br />CONTINUING DISCLOSURE .............................. 54 <br />CONCLUDING INFORMATION .......................... 55 <br />Underwriting..................................................... 55 <br />Legal Opinion .................................................. 55 <br />No Litigation ..................................................... 56 <br />Miscellaneous .................................................. 56 <br /> <br /> <br />APPENDIX A – SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE <br />APPENDIX B – FISCAL CONSULTANT’S REPORT <br />APPENDIX C – SUPPLEMENTAL INFORMATION-CITY OF SAN LEANDRO <br />APPENDIX D – FORM OF SUCCESSOR AGENCY CONTINUING DISCLOSURE CERTIFICATE <br />APPENDIX E – SUCCESSOR AGENCY FINANCIAL STATEMENTS FOR FISCAL YEAR 2016-17 <br />APPENDIX F – FORM OF BOND COUNSEL OPINION <br />APPENDIX G – BOOK-ENTRY ONLY SYSTEM <br /> <br /> <br />105