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Last modified
7/17/2007 9:25:13 AM
Creation date
5/13/2005 2:42:10 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10297
Resolution Title
A RESOLUTION APPROVING A TERM SHEET WITH THE ROTTLUND COMPANY, INC. FOR THE TWIN LAKES REDEVELOPMENT AREA AND APPROVING THE PAYMENT OF CERTAIN CONSULTING FEES
Resolution Date Passed
4/25/2005
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<br />TI Revenue Bonds: <br /> <br />TI Revenue Notes: <br /> <br />Priority of Application of <br />Tax Increment: <br /> <br />The City intends to issue TI Revenue Bonds as follows: <br /> <br />. Bonds will be either taxable or tax exempt as allowed by law in <br />amounts that meet reasonable underwriting standards and upon <br />terms then available in the public marketplace. <br />. Bond proceeds may only be used to reimburse Eligible Costs <br />incurred by the Redeveloper and certified by the City. <br />. Bonds may be issued without additional security in the fourth <br />quarter of each year (subject to underwriting criteria) with respect <br />to Minimum Improvements completed by December 31 of the <br />prior year and assessed on January 2 of the current year. Issuance <br />of the TI Revenue Bonds earlier will require security as <br />determined by the underwriters of the Bonds. TI Revenue Bonds <br />payable from tax increment generated by the hazardous substance <br />subdistrict proposed to the created will be issued as early as <br />possible consistent with underwriting standards. <br />. The 5% City administration fee will be subordinated to provide <br />additional coverage for issuance of the TI Revenue Bonds. <br />. The TI Revenue Bonds will be issued on a parity basis, will be <br />payable only from tax increment and will not be a general <br />obligation of the City, County, State or any other political <br />subdivision. <br /> <br />The following terms will be applicable to the TI Revenue Note(s): <br /> <br />. Principal amount will be determined and Notes issued upon <br />certification of Eligible Costs in accordance with a schedule set <br />forth in the Redevelopment Agreement to reimburse Eligible <br />Costs incurred by the Redeveloper. <br />. Term will be coterminous with duration of the TIF district. <br />. Interest rate initially set at 7%, except that on the Reconciliation <br />Date the rate shall be reset to the yield of 10-year Treasury Notes <br />plus 2.8% (subject to a maximum of9.5%). <br />. 95% of available tax increment will be pledged. <br />. The pledge of tax increment for the TI Revenue Notes will be <br />subordinated to the pledge of tax increment for any City Bonds, <br />the TI Revenue Bonds and the City's admin. fee. <br />. Any amounts unpaid at the maturity date of the TI Revenue Notes <br />will be deemed paid in full. <br /> <br />Available tax increment will be applied in the following priority: <br /> <br />1. Any public improvement or special assessment bonds which the <br />City has elected to issue <br />2. TI Revenue Bonds <br /> <br />4 <br />
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