Preliminary Official Statement Dated January __, 2012 New Issue – Book Entry Only No Rating
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PRELIMINARY OFFICIAL STATEMENT DATED JANUARY __, 2012 NEW ISSUE – BOOK ENTRY ONLY NO RATING In the opinion of Nossaman LLP, Irvine, California, Bond Counsel, based on existing statutes, regulations, rulings and court decisions and assuming, among other matters, compliance with certain covenants, interest on the Bonds is excludable from gross income for federal income tax purposes, and is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that it is included in adjusted current earnings in calculating corporate alternative minimum taxable income. In the further opinion of Bond Counsel, interest on the Bonds is, under existing law, exempt from State of California personal income taxes. Bond Counsel expresses no opinion regarding other federal or State tax consequences relating to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. See “TAX MATTERS” herein. $6,340,000* CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2000-1 (PACIFIC SHORES PROJECT) SPECIAL TAX REFUNDING BONDS, SERIES 2012 Dated: date of issuance Due: September 1, as shown on inside cover The City of Redwood City, California (the “City”), for and on behalf of the City of Redwood City Community Facilities District No. 2000-1 (Pacific Shores Project) (the “District”), is issuing the above-captioned bonds (the “Bonds”) to (i) refund in full and defease the City of Redwood City Community Facilities District No. 2000-1 (Pacific Shores Project) Special Tax Bonds, Series 2000A (the “Prior Bonds”), (ii) fund a reserve fund for the Bonds, and (iii) pay costs of issuing the Bonds and es may not be sold nor offers to buy accepted prior the time refunding the Prior Bonds. See “PLAN OF REFUNDING.” The Prior Bonds were issued by the City, for and on behalf of the District, to finance public improvements authorized to be funded by the District. The Bonds are being issued pursuant to a ffer to sell or a solicitation of an offer buy nor shall there be any sale these Fiscal Agent Agreement, dated as of January 1, 2012 (the “Fiscal Agent Agreement”), by and between the City, for and on behalf of the District, and U.S. Bank National Association, as fiscal agent (the “Fiscal Agent”). on under the securities laws of such jurisdiction. The Bonds are payable from the proceeds of an annual Special Tax (as defined in the Fiscal Agent Agreement) being levied on certain property located within the District (see “THE DISTRICT”), and from certain funds pledged under the Fiscal Agent Agreement. The Special Tax is being levied according to a Rate and Method of Apportionment of Special Tax for the District. See “SECURITY FOR THE BONDS—Special Taxes” and Appendix B – “Rate and Method.” Interest on the Bonds is payable on March 1 and September 1 of each year, commencing on September 1, 2012. The Bonds will be issued in book-entry form only and, when delivered, will be registered in the name of Cede & Co., as nominee of the Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. Individual purchases of the Bonds will be made in book-entry form only. Purchasers of the Bonds will not receive physical certificates representing their ownership interests in the Bonds purchased. The Bonds will be issued in the principal amount of $5,000 and any integral multiple thereof. Principal of and interest on the Bonds are payable directly to DTC by the Fiscal Agent. Upon receipt of payments of principal and interest, DTC will in turn distribute such payments to the beneficial owners of the Bonds. See “THE BONDS” and Appendix F – “DTC and the Book-Entry Only System.” The Bonds are subject to mandatory redemption prior to maturity from Special Tax Prepayments. See “THE BONDS— Redemption.” NONE OF THE FAITH AND CREDIT OF THE DISTRICT, THE CITY OR THE STATE OF CALIFORNIA OR OF ANY OF THEIR RESPECTIVE POLITICAL SUBDIVISIONS IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE SPECIAL TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NEITHER GENERAL OR SPECIAL OBLIGATIONS OF THE CITY NOR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE CITY FOR THE DISTRICT, PAYABLE SOLELY FROM CERTAIN AMOUNTS PLEDGED THEREFOR UNDER THE FISCAL AGENT AGREEMENT, AS MORE FULLY DESCRIBED IN THIS OFFICIAL STATEMENT. This cover page contains certain information for quick reference only. Investors should read the entire Official Statement to obtain information essential to the making of an informed investment decision with respect to the Bonds. The purchase of the Bonds involves significant risks, and the Bonds are not appropriate investments for all types of investors. See “SPECIAL RISK FACTORS” in this Official Statement for a discussion of certain risk factors that should be considered, in addition to the other matters set forth in this Official Statement, in evaluating the investment quality of the Bonds. The Bonds are offered when, as and if issued, subject to approval as to their legality by Nossaman LLP, Irvine, California, Bond Counsel, and certain other conditions. Certain legal matters with respect to the Bonds will be passed upon for the City by the City Attorney, and by Quint & Thimmig LLP, San Francisco, California, in its capacity as Disclosure Counsel to the City for the Bonds. Certain legal matters related to the Bonds will be passed upon for the Underwriter by Jones Hall, A Professional Law Corporation, San Francisco, California, acting as Underwriter’s Counsel. It is anticipated that the Bonds in definitive form will be available for delivery to DTC on or about January 31, 2012. The date of this Official Statement is January __, 2012. * This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securiti Official Statement is delivered in final form. Under no circumstances shall this Preliminary constitute an o securities in any jurisdiction which such offer, solicitation or sale would be unlawful prior to registration or qualificati Preliminary, subject to change. 18008.02:J11563 MATURITY SCHEDULE* Maturity Date Principal Interest CUSIP (September 1) Amount Rate Yield Price Number(1) 2012 2013 2014 2015 2016 (1) Copyright 2012, American Bankers Association. CUSIP data is provided by Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. * Preliminary, subject to change. GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT The information contained in this Official Statement has been obtained from sources that are believed to be reliable. No representation, warranty or guarantee, however, is made by the Underwriter as to the accuracy or completeness of any information in this Official Statement, including, without limitation, the information contained in the Appendices, and nothing contained in this Official Statement should be relied upon as a promise or representation by the Underwriter. Neither the City nor the Underwriter has authorized any dealer, broker, salesperson or other person to give any information or make any representations with respect to the offer or sale of Bonds other than as contained in this Official Statement. If given or made, any such information or representations must not be relied upon as having been authorized by the City or the Underwriter. The information and expressions of opinion in this Official Statement are subject to change without notice, and neither the delivery of this Official Statement nor any sale of the Bonds shall under any circumstances create any implication that there has been no change in the affairs of any party described in this Official Statement, or in the status of any property described in this Official Statement, subsequent to the date as of which such information is presented. This Official Statement and the information contained in this Official Statement are subject to amendment without notice. The Bonds may not be sold, and no offer to buy the Bonds may be accepted, prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. When used in this Official Statement and in any continuing disclosure by the City, in any press release and in any oral statement made with the approval of an authorized officer of the City or any other entity described or referenced in this Official Statement, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “forecast,” “expect,” “intend” and similar expressions identify “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Any forecast is subject to such uncertainties. Inevitably, some assumptions used to develop the forecasts will not be realized, and unanticipated events and circumstances may occur. Therefore, there are likely to be differences between forecasts and actual results, and those differences may be material. All summaries of the documents referred to in this Official Statement are qualified