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1 <br />2 <br />3 <br />4 <br />5' <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />B. That, based upon the pricing perimeters for the Refunding Bonds set forth in <br />Section 5 below, the total net interest cost to maturity on the Refunding Bonds <br />plus the principal amount of the Refunding Bonds will not exceed the total net <br />interest cost to maturity on the Prior Bonds plus the principal amount of the <br />Prior Bonds to be refunded; <br />C. That the value of the property within the CFD, based on the full cash value of <br />1t <br />E. <br />F <br />RESCFD.881 <br />such property as shown on the ad valorem assessment roll, which will be <br />subject to the special tax to pay debt service on the Refunding Bonds will be at <br />least three (3) times the principal amount of the Refunding Bonds. There are <br />no other bonds outstanding that are secured by a special tax levied pursuant to <br />the Act on property within the CFD; <br />That the sale of the Refunding Bonds at private sale will result in a lower <br />overall cost; <br />That, in satisfaction of the requirements contained in Section 53363.2 of the <br />Act, (1) it is anticipated that the purchase of the Refunding Bonds will occur in <br />December, 1996, (2) the Refunding Bonds shall bear the date, be in the <br />denominations, have the maturity dates (which do not exceed the latest <br />maturity date of the Prior Bonds), be payable at the place and in the form <br />specified in the Bond Indenture, (3) the Refunding Bonds will bear interest at <br />the minimum rate of 1% per annum, and (4) the designated costs of issuing <br />the Refunding Bonds, as defined in Section 53363.8 of the Act, shall include <br />all of the costs specified in Section 53368.8(a), (b)(2) and (c) of the Act; <br />That, in satisfaction of the requirements contained in Section 53364.2 of the <br />Act, any savings achieved through the issuance of the Refunding Bonds shall <br />be used to reduce Special Taxes of the CFD, and such reductions shall be <br />made on a pro rata basis. <br />3 <br />