$4,500,000 Richmond Redevelopment Agency Community Facilities District No
Total Page:16
File Type:pdf, Size:1020Kb
NEW ISSUE - BOOK ENTRY NO RATING in the op1mon of Ornck. Hernngton & Sutcl�ffe LLP. Bond Counsel, based upon an analysis of existing laws. regulations. rulings and court dec1s10ns and assuming. among other matters, compliance with certain covenants, interest on the Bonds 1s excluded from gross income for federal income tax purposes under Secnon 103 of the Internal Revenue Code of 1986 and is exempt from State ofCahforma personal income taxes. In the further opinion of Bond Counsel, interest on the Bonds 1s not a specific preference item for purposes of federal individual or corporate alternative minimum taxes. although Bond Counsel observes that such interest 1s included m adjusted ·current earnings in calculating federal corporate alternative mmmmm taxable income. Bond Counsel expresses no op1mon regarding any other tax consequences relating to the ownership or disposition of. or the approval or receipt of interest. on the Bonds. See "T.4X JfATTERS" herein. $4,500,000 RICHMOND REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT NO. 1998-1 (MARINA WESTSHORE DEVELOPMENT PROJECT) SPECIAL TAX BONDS, SERIES 1998 Dated: Date of Delivery Due: October l, as shown below The Community Facilities District :-.;o. 1998-1 (Marina Westshore Development Project) Special Tax Bonds, Series 1998 in the aggregate principal amount of $4,500,000 (the "Bonds") are being issued by the Riclunond Redevelopment Agency (the "Agency'') to provide funds to: (i) acquire certain public improvement, and construct certain public improvements, together with all necessary appurtenances (as more fully described herein. the "Facilities'') to service prop<.'rty located in Riclunond Redevelopment Agency Community Facilities District :No. 1998-1 (Marina West,hore Development Project) (the "District"); (ii) complete certain soil remediation activities within the District; (iii) fund the Bond Reserve Fund for the Bonds; (iv) capitalize a portion of the interest on the Bonds; and (v) pay costs of the issuance ofthe Bonds. The Bonds are authorized to be issued pursuant to the Mello-Roos Community Facilities Act of 1982. as amended (Sections 53311 et seq. of the California Government Code) (the "Act"). The Bonds are issued pursuant to a resolution adopted on September 22, 1998 by the Agency Board of the Agency acting as the legislative body of the District, and an Indenture dated as of October l. 1998 (the "Indenture") between the .-\gency and l.'.S. Bank Trust:'liational Association. as trustee (the "Trustee"). 'Ibe Bonds are beingissued in fullyregistered book-entryonly form, initially registered in the name of Cede & Co .. as nominee of The DepositoryTrust Company., '.\:e\\ York.,:'\ew York ("DTC"). Interest on the Bonds is payable on April l and October 1 of each year. commencing April l, 1999. Individual purchases will be in principal amounts of$5.000 or in any integral multiple thereof. Pa)ment� of principal of and interest on the Bond, will bepayable by the Trustee to DTC for subsequent disbursementto DTC Participants who will remit such pajments to the beneficial owners of the Bond�. See APPE:SDIX G - "DTC AND THE BOOK-E:STRY ONLY SYSTE!\f." The Bonds are secured by a pledge ofSpecial Taxes received by the Agency (including any prepayment thereofand proceedsfrom foreclosure sales pursuant to the Indenture), the Bond Reserve Fund and the Redemption Fund established under the Indentur,c>. The Special Tax will becollected in the same manner and at the same time as ad valorem property taxes are collected by the County Treasurer-Tax Collector (the "County Treasurer") of the County of Contra Costa, beginning in Fiscal Year 1999-2000. and after they are received by the Agency shall be immediately transferred to the Trustee to be deposited in the Special Tax Fund (as defined herein). Prepa)ment of the entire Special Tax obligation of any parcel may be made under certain . circumstances. See "SECCRITY AND SOURCES OF PAYME1'iTFOR THE BONDS-The S�cial Tax . Tht' Bonds &l't'subjt'ct to optional and mandatoryl't'dt'mption as dt'SCrlbt'dht'rt'in. St'e"THE BO:'l'DS-Rt'dt'mption." THE BONDS ARE SPECIAL TAX OBLIGATIONS OF THE AGENCY, A:"iD THE INTEREST ON, PRINCIPAL OF AND REDEMPTI01'i PREMJCM. IF ANY, ON THE BONDS ARE PAYABLE SOLELY FROM THE PROCEEDS OF THE SPECIAL TA.X (I;-.;CU'DI)';G AI'IY PREPAYMENTS THEREOF A"iD PROCEEDS FROM THE SALE OF PROPERTY COLLECTED PURSUANT TO THE FORECLOSURE PROVISIONS OF THE INDENTURE FOR THE DELINQl'ENCY OF THE SPECIAL TA'1() A.'liDAl\fOUNTS IN CERTAIN FUNDS AND .\CCOl :':TS ESTABLISHED IN THE INDENTI 'RE. ;-.;EITHER THE FLU, FAITH ..\.i\;D CREDIT NOR THE GENERAL TAXING POWER OF THE AGE:'\CY.. THE CITY OF RICHMOND .. THE DISTRICT. THE STATE OF CALIFORNIA OR A..c'\'Y POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PA YME'.\"T OF THE BONDS OR THE l'.\"TEREST THEREON. THE BO:SDS IX) NOT CONSTITl'TE A"i' INDEBTEDNESS OF THE AGENCY OR THE CITY OF RICHMOND WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATl'.TORY DEBT LI�HTATION OR RESTRICTION. This cover page contains certain information for general reference only. ft 1s not a summary of the Bonds. Prospective investors must read the entire CJfjic1al Statement to obtain information essential to the making of an informed investment decis10n Investment m the Bonds involves nsk. See "SPECL4L RISK FACTORS "for a discusswn ofcertain special risk factors that should be considered, in add1t10n to the other matters set.forth herein. m evaluating the investment qualityof the Bonds. MATURITIES, AMOUNTS, RATES, PRICES AND YIELDS MaturityDate Intnt'st ;\,laturityDatt' lntt'l't'llt {Octobt'r1) Amowtt Ratt' Price (Octobt'I'1) Amount Ratt' Priet' 2001 $ 80,000 4.100% 100% 2007 $100.000 4.800° 0 100° 0 2002 80.000 4.250 100 2008 105.,000 4.900 JOO 2003 85,000 4.375 JOO 2009 110.. 000 5.000 JOO 2004 90,000 4.500 JOO 2010 115,000 5.050 100 2005 95,000 4.600 JOO 2011 125.000 5.100 100 2006 95,000 4.700 100 2012 130.000 5.150 100 $930,000 5.250°,oTermBonds Due October l, 2018 - Price 99°oto Yield 5.332° 0 $2,360,000 5.400% Tenn Bonds Due October I.. 2028 - Price 99° 0 to Yield 5.468° 0 The Bonds are offered when. as and if issued, subject to the approval as to their kgality by Orrick. Herrington & Sutcliffe LLP. San Francisco. California.. Bond Counsel.. and certain other conditions. Certain legal matters will be passed on for the Agency by th.: Agency Counsel. and for the Undernriter and the Agency by LoftonDe Lancie. San Francisco. California,Disclosure Counsel. It is anticipated that the Bonds in book-entry form will be available for delivery through the facilities ofDTC on or about Oi..'tober 15, 1998, in New York, New York. WESTHOFF, CONE & HOLMSTEDT The date ofthis OfficialStatement is October 6, 1998. No dealer, broker, salesperson or other person has been authorized by the Underwriter, the Agency or the District to give any information or to make any representations other than as contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person, in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The information set forth herein has been obtained from sources which are believed to be reliable, but such information is neither guaranteed as to accuracy or completeness, nor to be construed as a representation of such by the Agency, the City of Richmond or the Underwriter. The information and expressions of opinion stated herein are subject to change without notice; and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Agency or the major property owners in the District, or in the condition of the Facilities or the property in the District, since the date hereof. The summaries and references to the Indenture, the Act and to other statutes and documents referred to herein do not purport to be comprehensive or definitive and are qualified in their entireties by reference to each such statute and document. This Official Statement including any amendment or supplement hereto is intended to be deposited with one or more depositories. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS TO CERTAIN DEALERS AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES SET FORTH ON THE COVER PAGE HEREOF AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. THE BONDS HA VE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS CONTAINED IN SUCH ACT. THE BONDS HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.