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MINUTES - 02121991 - H.1
r , RESOLUTION NO.- 91/106 RESOLUTION APPROVING REPORT AND ASSESSMENT AND ORDERING IMPROVEMENT RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 The Board of Supervisors of the County of Contra Costa resolves: This Board has taken a series of actions preliminary. to ordering the improvement in Rancho Paraiso Assessment District No. 1990-1, Contra Costa County, California, and now makes the following findings and orders: 1. The Board adopted a map showing the boundaries of the land benefited by the proposed improvement. A copy of the' boundary map .was filed in the office of the County Recorder of the County of Contra Costa in the Book of Maps of Assessment and Community Facilities Districts. 2. The Board adopted its Resolution of Intention to order the improvement described therein under the Municipal Improvement Act of 1913, and directed Nystrom Engineering, as the Engineer of Work for the assessment district, to prepare the report required by Section 10204 of the Streets. and Highways Code. The improvement is generally described as follows: The acquisition of public improvements previously constructed for the Rancho Paraiso development, including grading, pavement, curbs and gutters, sidewalks, traffic signing and striping and street lights; the construction of sanitary sewer mains, structures., fittings and appurtenances; the construction of storm drainage pipes, catch basins, structures,. fittings and appurtenances; the construction of water storage and distribution facilities and appurtenances; the construction of joint utility distribution facilities for electrical, telephone, gas, cable t.v. , street " lighting and traffic signal systems, including trenching, conduit and cable instal7.ation, pull and splice boxes, fittings and appurtenances; the construction of landscaping and irrigation facilities, including soil preparation, landscape materials, irrigation pipes, fittings and appurtenances; including the required attendant public fees and design and construction engineering .fees; together with the acquisition of all , necessary interests in real property. The improvements are within the public 'roads and easements of the Rancho Paraiso development. RESOLUTION .91/106 .3 . The Engineer of Work filed the report as directed, and the Board. of Supervisors called a hearing on the report as required by Section 10301 of the Streets and Highways Code. Notice of the hearing was.. given by publication, by street posting and by mailing to affected property owners, all according to the Municipal Improvement Act of .1913 . Af-idavits of puhlication, posting and mailing were filed with the Clerk of the Board of Supervisors. 4. At the time and place for which notice was given, the Board of Supervisors conducted a public hearing and gave every interested person an opportunity to object to the proposed improvement, the extent of the assessment district, or the proposed assessment. 5. The Board finds that written protests against the proposed improvement have not been made by owners representing more than one-half of the area of the land to be assessed for the improvement. 6. The documents and events -described in paragraphs 1 to 4 , inclusive, are stated here in tabular form, with their dates and, where. appropriate, their numbers. `All documents are now on file with the Clerk of the Board. Document or Event Date Number a. Resolution approving boundary map 01/08/91 91/22 b. Boundary map filed with County Recorder 01/11/91 91-6337 c. Resolution of Intention 01/08/91 91/26 d. Filing of Engineer's Report Dated 01/08/91 e. Resolution accepting Report 01/08/91 91/28 f. Certificate of Mailing Notice of Improvement Dated 01/16/91 g. Affidavit of publication of Notice of Improvement Dated 01/21/91 h. Certificate of posting Notice of Improvement Dated 01/19/91 i. . Public hearing conducted 02/12/91 7. The Board approves the Engineer's Report- and each component part of it, including each exhibit incorporated by reference in the report. 8. The Board finds. that' the Engineer of Work, in the Engineer's Report has fairly and properly apportioned the cost of 2 RESOLUTION 91/106 the improvement to each parcel of land in the assessment district in proportion to the estimated benefits to be received by each parcel, respectively, from the improvement. The Board hereby confirms and levies each individual assessment as ..stated in the' Engineer's Report. .9. This Board orders the improvement described in paragraph 2 and as detailed in 'the Engineer's Report. 10. Bonds representing unpaid assessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, will be issued in the manner provided by the Improvement Bond Act of 1915 (Division 10, Streets and Highways Code) , and .the last installment of the bonds shall mature not to exceed twenty-four (24) years from the second day of September next succeeding twelve (12) months from their date. 11. According to Section 10603 of the Streets and Highways Code, . the Board designates the County -Treasurer to collect and receive payment of the assessments. 12. On the basis of the evidence on file with the Clerk of the Board, the total amount of the assessment as shown on the Engineer's Report does not exceed 75% of the market value of the properties assessed for the cost of the improvements. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 12th day of February, 1991. ATTEST: PHIL BATCHELOR, Clerk of Board of Supervisors and County Administrator By _(J1 ()6� 3 RESOLUTION 91/106 l RESOLUTION NO. 91/107 RESOLUTION DETERMINING ASSESSMENTS REMAINING UNPAID RANCHO PARAISO. ASSESSMENT DISTRICT NO. 1990-1 The Bo&.-d of Suparvirars of the County of Contra Costa resolves The County Treasurer has filed a list of all payments received on account of assessments levied in Rancho Paraiso Assessment District No. 1990-1, and a list of all assessments or portions of assessments unpaid. ` A copy of the Paid and Unpaid List is attached to this resolution as Exhibit A and included in it. The Board shall issue improvement bonds under the provisions of the Improvement Bond Act of 1915 of the State of California °upon the security of the assessments shown as unpaid on the attached list. The Clerk of the Board of Supervisors shall transmit a copy of this resolution to the County Auditor. . The County Auditor is requested to comply with the provisions of Section 8682 .of the Streets and Highways Code in the collection of installments of these assessments on the assessment roll for taxes. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 12th day of February, 1991. ATTEST: PHIL BATCHELOR, Clerk. of Board of Supervisors and County Administrator By CO PY RESOLUTION 91/107 r PAID AND UNPAID LIST OF ASSESSMENTS IN RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 I HEREBY CERTIFY that the attached list of Paid and Unpaid Assessments correctly reflects (1) all amounts received by me on account of assessments in Rancho Paraiso Assessment District No. 1990-1 and (2) all amounts remaining unpaid on each of the assessments in Rancho Paraiso Assessment District No. 1990-1. Executed at , California, on , 1991. ALFRED P. .LOMELI, County Treasurer, County of Contra Costa, California By EXH t B!T A 01/17/91 . Page 1 PAID AND UNPAID LIST CONTRA COSTA Rancho Paraiso Assessment District ---------------------------------------------------------------------------- . Assessment Assessment . Cash Amount Unpaid Number Amount Paid Credited Balance ---------------------------------------------------------------------------- 1 $ 28,436. 02 $ 0. 00 $ 0. 00 $ 28, 436. 02 2 28,436. 02 0. 00 0. 00 28,436. 02 3 28,436. 02 0. 00 0. 00 28,436. 02 4 28,436. 02 0. 00 0. 00 28,436. 02 5 28,436. 02 0. 00 0. 00 28,436. 02 6 28, 436. 02 0. 00 0. 00 28, 436. 02 7 28, 436. 02 0. 00 0. 00 28, 436. 02 8 28, 436. 02 0. 00 0. 00 28, 436. 02 9 28, 436. 02 0. 00 0. 00 28, 436. 02 10 28,436. 02 0. 00 0. 00 28, 436. 02 11 28, 436. 02 0. 00 0. 00 28, 436. 02 12 28, 436. 02 0. 00 0. 00 28,436. 02 13 28, 436. 02 0. 00 0. 00 28, 436. 02 14 . 28, 436 . 02 0. 00 0. 00 28, 436. 02 15 .28,436 . 02 . 0. 00 0. 00 28, 436. 02 16 28 , 436. 02 0. 00 0. 00 28, 436. 02 17 28, 436. 02 0. 00 0. 00 28 ,.436. 02 18 28 , 436. 02 0. 00 0. 00 28 , 436. 02 19 28 , 436. 02 0. 00 0. 00 28, 436. 02 20 28, 436. 02 0. 00 0. 00 28, 436. 02 21 28, 436. 02 0. 00 0. 00 28 ,436. 02 22 28, 436. 02 0. 00 0. 00 28, 436. 02 23 28, 436-. 02 0. 00 0. 00 28, 436. 02 •24 . 28,436. 02 0. 00 0. 00 28,436. 02 25 28, 436. 02 0. 00 0. 00 28, 436. 02 26 28 , 436. 02 0. 00 0. 00 28, 436. 02 27 28, 436. 02 0. 00 0. 00 28, 436. 02 28 28, 436. 02 0. 00 0. 00 28, 436. 02 29 28, 436. 02 0. 00 0. 00 28,436. 02 30 28 ,436. 02 0. 00 0. 00 28 , 436. 02 31 28, 436. 02 0. 00 0. 00 28, 436. 02 32 28,436. 02 0. 00 0. 00 28,436. 02 33 28,436. 02 0. 00 0. 00 28, 436. 02 34 28, 436 . 02 0. 00 0. 00 28, 436. 02 35 28, 436. 02 0. 00 0. 00 28, 436. 02 01/17/91 Page 2 PAID AND UNPAID LIST CONTRA COSTA Rancho Paraiso Assessment District ---------------------------------------------------------------------------- Assessment Assessment Cash Amount Unpaid Number Amount Paid Credited Balance ---------------------------------------------------------------------------- 36 $ 28,436. 02 $ 0. 00 $ 0. 00 $ 2'8, 436. 02 37 28,436. 02 0. 00 0. 00 28, 436. 02 38 28,436. 02 0. 00 0. 00 28, 436. 02 39 28,436. 02 0. 00 0. 00 28, 436. 02 40 28, 436. 02 0. 00 0. 00 28, 436. 02, 41 28, 436. 02 0. 00 0. 00 28 , 436. 02 42 28, 436. 02 0. 00 0. 00 28, 436. 02 43 28, 436. 02 0. 00 0. 00 28, 436. 02 44 28, 436. 02 0. 00 0. 00 28, 436. 02 45 28, 436. 02 0. 00 0. 00 28, 436. 02 46 28, 436. 02 0. 00 0. 00 28, 436. 02 47 28, 436. 02 0. 00 0. 00 28, 436. 02 48 28 ,436. 02 0. 00 0. 00 28 , 436. 02 49 28, 436. 02 0. 00 0. 00 28, 436. 02 50 28 , 436. 02 0. 00 0. 00 28, 436. 02 51 28 , 436. 02 0. 00 0. 00 28 , 436. 02 52 28 , 436. 02 0. 00 0. 00 28 , 436. 02 53 28, 436. 02 0. 00 0. 00 28, 436. 02 54 28, 436. 02 0. 00 0. 00 28, 436. 02 55 28, 436. 02 0. 00 0. 00 28, 436. 02 56 28, 436. 02 0. 00 0. 00 28, 436. 02 57 28, 436. 02 0. 00 0. 00 28, 436. 02 58 28, 436. 02 0. 00 0. 00 28, 436. 02 59 28, 436. 02 0. 00 0. 00 28 , 436. 02 60 28, 436. 02 0. 00 . 0. 00 28, 436. 02 61 28, 436. 02 0. 00 0. 00 28,436. 02 62 28, 436. 02 0. 00 0. 00 28, 436. 02 63 28, 436. 02 0. 00 0. 00 28, 436. 02 64 28, 436. 02 0. 00 0. 00 28, 436. 02 65 28,436. 02 0. 00 0. 00 28, 436. 02 66 28, 436. 02 0. 00 0. 00 28,436. 02 67 28, 436. 02 0. 00 0. 00 28, 436. 02 68 28 ,436. 02 0. 00 0. 00 28, 436. 02 69 28, 436. 02 0. 00 0. 00 28, 436. 02 70 28, 436. 02 0. 00 0. 00 28, 436. 02 01/17/91 Page 3 PAID AND UNPAID LIST CONTRA COSTA Rancho Paraiso Assessment District ---------------------------------------------------------------------------- Assessment Assessment Cash Amount Unpaid Number Amount Paid Credited Balance ---------------------------------------------------------------------------- 71 $ 28, 436. 02 $ 0. 00 $ 0. 00 $ 28, 436. 02 72 28,436. 02 0. 00 0. 00 28, 436. 02 73 28,436. 02 0. 00 0. 00 28, 436. 02 74 28,436. 02 0. 00 0. 00 28, 436. 02 75. 28,436. 02 0. 00 0. 00 28, 436. 02 . 76 28, 436. 02 0. 00 0. 00 28, 436. 02 77 28, 436. 02 0. 00 0. 00 28 , 436. 02 78 28, 436. 02 0. 00 0. 00 28, 436. 02 79 28, 436. 02 0. 00 0. 00 28, 436 . 02 80 28,436. 02 0. 00 0. 00 28, 436. 02 81 28, 436. 02 0. 00 0. 00 28, 436. 02 82 28, 436. 02 .0. 00 0. 00 28, 436. 02 83 28, 436. 02 0. 00 0. 00 28, 436 . 02 84 28, 436. 02 0. 00 0. 00 28, 436. 02 85 28, 436. 02 0. 00 0. 00 28, 436. 02 86 3, 298 , 578 . 30 0. 00 0. 00 3 , 298 , 578 . 30 87 113 ,744 . 08 0. 00 0. 00 113 , 744 . 08 88 170, 616. 12 0. 00 0. 00 170, 616. 12 $ 6, 000, 000. 20 $ 0. 00 $ 0. 00 $ 6, 000, 000. 20 RESOLUTION NO. 91/108 RESOLUTION APPROVING PRELIMINARY OFFICIAL STATEMENT RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 The Board of Supervisors of the. County. of Contra Costa resolves: As a part of the proceedings for the sale of improvement bonds in Rancho Paraiso Assessment District No. 1990-1, Contra Costa County, California, this Board of Supervisors hereby approves the Preliminary Official Statement dated February 12 , 1991, and a. Final Official Statement derived substantially therefrom. Distribution of the Preliminary Official Statement and the Final Official Statement is hereby authorized. This Preliminary Official Statement is final. except for certain information. which will not be known until the time of sale •and is therefore "deemed final" within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. The Director of Public Works is authorized to sign the Preliminary Official Statement and the Final Official Statement. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at .a regular meeting thereof, held on the 12th day of February, 1991. ATTEST: PHIL BATCHELOR, Clerk of Board of Supervisors .and County Administrator By RESOLUTION 91/108C(OPY ZZ =.2 ` NEW ISSUE NO RATING CL o s V Preliminary Official Statement Bond Dated Date =M s February 12th, 1991 February 27th, 1991 cc 4)a o O 0 c $ www # $6,000,000.00 � 20 Ewa MUNICIPAL BONDS - ' (Limited Obligation Improvement Bonds) Baa w E COUNTY OF CONTRA COSTA 01 E .9 STATE OF CALIFORNIA . moo C y n d o = _ .`• amE Lm i ` � .•. ; � v d m 0= 0.5 tll � vim, m E � 0c _ s 0 SrA COUP o RANCHO PARAISO ASSESSMENT DISTRICT ccs u= 3 c .25 w—.2 V NO. 1990-1 C• O C C �� A yC C oom C� � EC The following firm, serving as financial advisor to the County, has structured this issue. � r= en NSM Z =r Liberty Public Ns o Financial Advisors 'Moo', A N a W @i 4D @1 'Preliminary,subject to change. No dealer, broker, salesperson or other individual has been authorized by the County to give any information or to make any representations,other than those contained in this Preliminary Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the County. This Preliminary Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Preliminary Official Statement dated February---th,1991,is in a form"deemed final' by the County for the purposes of Rule 15c2-12(b)(1) of the Securities and Exchange Commission, and is subject to completion in.a final Official Statement in accordance with the provisions of said Rule. This Preliminary Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Preliminary 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 summaries and references to the Bond Act, the Resolution and to other statutes and, documents in this Preliminary Official Statement do not purport to be comprehensive or definitive, and are qualified in their entireties by reference to each such statute and document. The information set forth herein has been obtained from sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Preliminary Official Statement nor any sale made hereunder will, under any circumstances, create any implication that there has been no change in the affairs of the County or any other parties described herein since the date hereof. This Preliminary Official Statement is submitted in connection with the sale of Bonds referred to herein and may not be reproduced or used,in whole or in part, for-any other purpose. Liberty Public Financial Advisors, Pleasanton, California, is the Financial Advisor to the County. Sturgis, Ness, Brunsell & Sperry, a professional corporation, Emeryville, California, is Bond Counsel for this Bond issue. Both Liberty Public Financial Advisors and Sturgis, Ness, Brunsell & Sperry will receive compensation from the-County contingent upon the sale and delivery of the Bonds. Neither the full faith and credit nor the taxing power of the County,the State of'California or any political subdivision thereof is pledged to the payment of the Bonds. The information set forth in this Preliminary Official Statement, including the section herein entitled 'Bondowners' Risks" should be read in its entirety. IN CONNECTION WITH THIS BOND OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS DESCRIBED HEREIN 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 DESCRIBED HEREIN TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED IN THIS PRELIMINARY OFFICIAL STATEMENT AND SAID PUBLIC OFFERING PRICES,MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. rpt`. COUNTY OF CONTRA COSTA . BOARD OF SUPERVISORS Tom Powers, Chairman, District I Nancy C. Fanden,District II Robert I. Schroder,District III Sunne Wright McPeak, District IV Tom Torlakson, District V COUNTY STAFF Phil Batchelor, Clerk of the Board & County Administrator Aulene Joseph,Deputy Clerk of the Board Linda Bulkeley,Administrative Analyst Alfred P. Lomeli, Treasurer/Tax Collector Nancy Webster,Account Clerk Manager Victor J. Westman, County Counsel David Schmidt, County Counsel's Office Kenneth Corcoran,Auditor/Controller Sam Kimoto, Supervisor Taxes & Special Districts Steve Ybarra, Supervising Accountant John Biasotti,Assessor Don Burriston,Assistant Assessor Harvey Bragdon,Director of Community Development Jim Cutler,Advanced Planning J. Michael Walford, Public Works Director Jim Causey,Assistant Public Works Director. Francis Lee, Special Districts Coordinator PROFESSIONAL SERVICES Sturgis, Ness, Bnutsell & Sperry Larry Holcomb, Incorporated A Professional Law Corporation Walnut Creek, California Emeryville, California Appraiser Bond Counsel Bank of America Nystrom Engineer National Trust and Savings Asso. Walnut Creek, California San Francisco, California Engineer of Work Registrar,Transfer and Paying Agent Mark Pressman Associates Liberty Public Financial Advisors Investment Banking Pleasanton, California San Francisco, California Financial Advisor Underwriter CROCKETT,�• BENICIA i RODEO HERCULES? a PITTSBURG MARTINEZ �` ` ANTI CH PINOLE1" s r'"Yr. LSOBRANNTE,, �PAC�,H-ECO `CONCORD F l SAN ABLO "`� O "� RICHMON) PLEASANT HILL p �\.� Vr •KENSINGTON �' S(f CLAYTON 'BRENTWOOD y ~ !EL CERRITO •4 a T, WALNUT CREEK `�• �' ^ RINDALAFAYETTE-- CONTRA COSTA COUNTY •O ,, BYRON , .� +4 I •DIA BLO\P13 A MO O AGA/RH EM bLACKHAWK !'•. ANVILLE •SAN RAMON I. �- CONTRA COSTA COUNTY /WEST CENTRAL EAST San Pablo Bay Mare Istano Carquinez Strait a Q Q Sin Joaquin River Crocaett Pon West Bethel Chicago Pittsburg PITTSBURG D Islano Room Port HERCULES Costs MARTINEZ ANTIOCH Oakley PINOLE Pacheco CONCORD Knrgntsen El SAN PABLO SoOnnts PLEASANT HILL CLAYTON RICHMOND BRENTWOOD EL CERRRO WALNUT CREEK LAFAYETTE Onnda RII•em Byron Alamo MORAGA Treasure Alcatraz Treasure Canyon 0 DANVILLE Btsckhawk SANRAYON San Francisco Say INCORPORATED CITIES unincorporateo Citiea/Towns �hor Vorden L y� F o _~a .n R7 _ A,Btu H•, I ` �' _ o� 4 K b t E i ocke 3 � O a rf eld o Walnut ( > sc rRAvrs AIR roncc eAsf Rrr.W-41 Grove o c Y< nCity I , D tr° LpRc = e Rydecr..d J—d lia owe v S/•,yA _ F � !Rio Vista d �• C—Auy t.led ! Isleton it`^ dP o Brannan Wand r.nta.0 I.I..d Sem Aec = Badd,.I,I." ' A",t ..d p MwA-Bar o ° Y•ua I.Ie.1 c p Emmatt 1 ° U�tA.Dol o }lore ` ._ \ Nichols I Acres ,,,.° \ e �6 Bethel stale Rec o Avon q a.,.-P,ss a>:. � Island o d i Ares 4 °Clyde •'°•V ttsburg n P+cn It Q West Ipn 3,e IOIn - 0 B.,&••: -fir o Pittsburg Antioch �' i1p 4 R.II.•drr o ° BYOONt Ra t ^-t 1 x pf o' I/ NA AR' Q Po co a° 1 e° Y i e - o Oakley rmssRD _ —, Adobe ;` ein4 m t E„P3CheC0 f'D oneord ip° Q Dia Anroc�°� z tine _ m Gon cw ay es P°•• ORiRA r.,a > B,er 1.1ld t SnerR on 7dore/ Fernando d :LOVA Ai/OOrt CNNr� < Dew Rd R Pacheco. lSfRY01R 0 d Adobe L` i F.•awua,.• L° L",Tut Knightsen C-1 o Rhwul peasant Hill• P smut Ra o s R»•' v Bre twood y d Clayton - e-M -+ THE Bald Re PRO C T = Walnut Creek Store Ark At:�:.-. ��M G,ea Rd v alit B. ,FIS "dew Re ?: Byron 7 C Cf y /Valley Rheem AlamyMILES KILOMETERS Diablo "',.' : << 0 1 2 5 i Le r,--Rah a` I Danville 1762 Blackhawk !� a+ C y Rd w L•a.dr � `' U i� "�.: ,�F�w els. _ f\ *, San �. 8 »Tassajara ter•3 *'w.3 Ramon ' a C O r�. 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SlTln Bud We .10 Mon r Testi Rd I = Wenre TABLE OF CONTENTS THE BONDS..........................................................1 Method of Spreading Assessments...............17 Authority for Issuance........................................1 Schedule of Maturities.......................................2 ESTIMATED VALUES.....................................17 DatedDate.........................................................2 The Appraisal.......................................................17 Expected Delivery Date.....................................2 Value to Lien Ratios.........................................17 PaymentDates.....................................................2 Sources & Uses of Funds..............................18 RecordDate...........................................................2 Payable................................................................3 BONDOWNERS'RISKS...................................18 Registration.........................................................3 General ..............................................................18 Denominations....................................................3 Limited County Obligation Upon Redemption.........................................................3 Delinquency......................................................19 Refunding.............................»............................4 Land Values.......................................................19 Defeasance..........................................................4 Factors Which May Affect Land Purposeof Issue...................................................4 Devmt.&Property Values..........................20 General Property Taxes..................................20 SECURITY FOR THE BONDS.................»........5 Bankruptcy......................................................... 0 AssessmentInstallments...................................5 Special Reserve Fund.......................................5 LEGAL OPINION................................................ County Tax Losses Reserve Fund...................6 Obligation of the County Upon TAX EXEMPTION..............................................21 Delinquency....................................................»...7 Covenant to Commence Superior ABSENCE OF LITIGATION............................22 Court Foreclosure...........................................7 Covenants with Respect to Arbitrage NO RATING........................................................23 &Maintenance of Tax Exemption..............8 Priority of Lien.................................................9 UNDERWRITING...............................................23 THE RESOLUTION....................................».......9 MISCELLANEOUS..............................................24 Establishment of Special Funds...................9 Debt Service Schedule..............».....................11 APPENDIX A.Assessment Diagrams...........A-1 THE COUNTY.....................................................12 APPENDIX B: Value to Lien Ratios &Salient Data................................B-1 THE NEIGHBORHOOD....................................12 The City of Walnut Creek.............................12 APPENDIX C: Economic & Demographic ImmediateArea...............................................13 Profile...............................................C-1 THE PROPERTY OWNERS...............................13 APPENDIX D: Appraiser's Letter Update..D-1 THE DEVELOPER.............................................14 APPENDIX E: Opinion of Bond Counsel.............................................E-1 THE DISTRICT ................................................15 THEPROJECT....................................................15 TheDevelopment..............................................15 TheImprovements............................................16 PRELIMINARY OFFICIAL STATEMENT $6,0001,000.00 COUNTY OF CONTRA COSTA State of California Rancho Paraiso Assessment District No. 1990-1 Limited Obligation Improvement Bonds THE BONDS AUTHORITY FOR ISSUANCE The bonds designated Limited Obligation Improvement Bonds, County of Contra Costa, Rancho Paraiso Assessment District No. 1990-1, Series No. 1990-1 (the "Bonds"), are being issued by the County of Contra Costa (the "County") pursuant to its Resolution of Intention to Order Improvement No. 91-26, adopted January 8th, 1991 by the Board of Supervisors of the County and proceedings related thereto, and its Resolution No. . adopted February 12th, 1991, authorizing the issuance of the Bonds (the "Resolution"), and pursuant to the provisions of the Municipal Improvement Act of 1913, Division 12 of the Streets and Highways Code, and the Improvement Bond Act of 1915 (the 'Bond Act") Division 10 of the Streets and Highways Code of the State of California and all laws amendatory thereof or supplemental thereto. The Bonds are expected to be awarded to Mark Pressman Associates (MPA) (the "Underwriter") on February 12th,1991,by the County pursuant to its Resolution No. SCHEDULE OF MATURITIES - $6,000,000 Principal Interest Maturity Principal Interest Maturity Rate Sept. 2 Rate Sept. 2 1993 % $ 10,000 2005 % $ 180,000 1994 % 10,000 2006 % 205,000 1995 % 10,000 2007 % 235,000 1996 % 20,000 2008 % 265,000 1997 % 30,000 2009 % 300,000 1998 % 40,000 2010 % 335,000 1999 % 55,000 2011 % 465,000 2000 % 70,000 2012 % 515,000 2001 % 85,000 2013 % 570,000 2002 % 100,000 2014 % 630,000 2003 % 115,000 2015 % 695,000 2004 % 135,000 2016 % 765,000 (Price: 100%) DATED DATE The Bonds will be dated the date of original delivery thereof (the "Delivery Date"), expected to be February 27th, 1991. EXPECTED DELIVERY DATE The Bonds will be available for delivery on or about February 27th, 1991, at the Bank of America National Trust and Savings Association, San Francisco, California. PAYMENT DATES The bonds will pay interest on March 2 and September 2 in each year to the respective dates of maturity of the Bonds except for the first interest payment which will be for interest from the Delivery Date to March 2, 1992. RECORD DATE The record date will be fifteen (15) days before the interest payment dates of 2 March 2 and September 2 of each year. PAYABLE Both principal and redemption premium, if any, on this issue are payable in lawful money of the United States at Bank of America National Trust and Savings Association, Corporate Agency Division, San Francisco, California, or its successor, as Registrar, Transfer Agent and Paying Agent (the "Agent"). Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each Bond at the owner's address appearing on the register maintained by the registrar on the 15th day preceding the date of payment. REGISTRATION The Bonds will be issued only as fully registered bonds. The Bonds may be transferred or exchanged at the aforesaid office of the Agent. For every exchange or transfer of any Bonds, the Agent may charge the Bondowner an amount sufficient to reimburse it for any tax or governmental charge required to be paid with respect to such exchange or transfer, and may make a charge equal to the customary fee charged by the Agent for such transfers or exchanges. If any Bond is mutilated, lost, stolen or destroyed, the Agent shall execute a new Bond or Bonds of authorized denominations in replacement thereof in the same aggregate principal amount and of the same maturity, as the case may be. In the case of a lost, stolen or destroyed Bond, the Agent shall require satisfactory indemnification prior to authenticating a new Bond. The Agent will charge the owners of the Bonds for its reasonable fees and expenses in connection with replacing mutilated, lost, stolen or destroyed Bonds. DENOMINATIONS The Bonds will be issued in $5,000 denominations, or any integral multiple thereof up to $100,000. REDEMPTION Any Bond, or any portion thereof in the amount of $5000, or any integral multiple thereof, may be called for redemption prior to maturity on any March 3 2 or September 2 upon payment of 103 percent of the principal amount of value, plus accrued interest to the date of the redemption or date of payment if surrendered earlier. No interest will accrue on a Bond beyond the March 2 or September 2 on which said Bond is called for redemption. However, if a Bond is presented for payment and payment is refused because of lack of available funds, the Bonds will continue to accrue interest. Notice of redemption will be given by registered or certified mail or personal service at least 30 days prior to the redemption date. The provisions of part 11.1 of the Bond Act are applicable to the advance payment of assessments and to the calling of the Bonds. REFUNDING These Bonds are subject to refunding pursuant to the provisions of Division 11 or 11.5 of the California Streets and Highways Code. DEFEASANCE The Bonds and the original assessments shall remain in full force and effect and the Bonds shall be secured by the original assessments until (1) the Bonds mature, (2) assessments are prepaid and the Bonds are redeemed, (3) apportionment of the original assessment occurs pursuant to the Bond Act, or (4) the original assessments are superseded and supplanted by reassessments and refunding bonds issued pursuant to Division 11 or Division 11.5 of the Streets and Highways Code, at which time the refunding escrow shall become the security for any outstanding Bonds not exchanged for refunding bonds. Any proceeds of sale of any refunding bonds or authorized investment securities purchased with such proceeds would be deposited in escrow, trust or safekeeping with a bank or trust company and shall be secured in accordance with the laws applicable to funds of the County and shall be invested in Federal Securities. PURPOSE OF ISSUE The primary purpose for the issuance of these Bonds is to fund the acquisition of public improvements serving the Rancho Paraiso Assessment District No. 1990-1,including the acquisition of all lands, easements,rights-of-way,licenses, franchises and permits, and the construction costs of all auxiliary work necessary and/or convenient to the accomplishment thereof in accordance with plans and specifications approved by the County. During the offering of the Bonds, the complete Engineer's report is on file at the County Offices. See also 4 the section herein entitled "The Project", sub-section "The Improvements." SECURM FOR THE BONDS ASSESSMENT INSTALLMENTS The Bonds are secured by the unpaid assessments together with interest thereon, and said unpaid assessments together with interest thereon constitute a trust fund for the redemption and payment of the principal of the Bonds and interest thereon. In addition, all the Bonds are secured by the moneys in the Redemption Fund and Special Reserve Fund created pursuant to the Resolution and by the unpaid assessments levied to provide for payment of the principal of and interest on the Bonds. Principal of and interest on the Bonds are payable exclusively out of the Redemption Fund into which all of the collected assessment installments of the unpaid assessments will be deposited by the County Treasurer. Although the unpaid assessments constitute fixed liens on the lots and parcels assessed, they do not constitute a personal indebtedness of the respective owners of said lots and parcels. The unpaid assessments are payable in annual installments, together with interest on the declining balances on the tax roll on which general taxes on real property are collected, and are payable and become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do said general property taxes. For additional pertinent information, see the section herein entitled "BONDOWNERS' RISKS." SPECIAL RESERVE FUND Upon issuance of the Bonds, an amount of three percent (3%) of the principal amount of the Bonds ($180,000) shall be deposited in the Special Reserve Fund (the "Reserve Requirement") out of Bond proceeds. The Special Reserve Fund shall be maintained by the County Treasurer. During the term of the Bonds, the amount in the Special Reserve Fund 5 shall be available for transfer into the Redemption Fund in accordance with Section 8808 of the Streets and Highways Code. The amount so advanced shall be reimbursed to the Special Reserve Fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments was made from the Special Reserve Fund. If any assessment is prepaid before final maturity of the Bonds, the amount of principal which the assessee is required to prepay shall be reduced by an amount which is in the same ratio to the original amount of the Special Reserve Fund as the original amount of the prepaid assessment bears to the total amount of unpaid assessments originally securing the Bonds. This reduction in the amount of principal prepaid shall be balanced by a transfer from the Special Reserve Fund to the Redemption Fund in the same amount. The amounts deposited in the Special Reserve Fund will never exceed 10% of the proceeds of the Bonds. Proceeds of investment of the Special Reserve Fund shall be deposited in the investment earnings fund. When the amount in the Special Reserve Fund equals or exceeds the amount required to retire the remaining unmatured Bonds (whether by advance retirement or otherwise), the amount of the Special Reserve Fund shall be transferred to the Redemption Fund, and the remaining installments of principal and interest not yet due from assessed property owners shall be cancelled without payment. COUNTY TAX LOSSES RESERVE FUND General taxes and special assessments entered and collected on the secured tax roll are collected by the County. The County is operating under Sections 4701- 4717 of the Revenue and Taxation Code of the State of California (the "Teeter Plan"). Under the Teeter Plan, the County maintains a County Tax Losses Reserve Fund for the purpose of paying each taxing entity 100 percent of the amounts of secured taxes levied and 1915 Act assessments posted to the tax bill. The County Auditor/Controller reports that, to date, the Tax Losses Reserve Fund has proved adequate to meet all tax and special assessment delinquencies, with the effect that each year,the County's public entities have received the full amount of taxes levied and assessment installments posted to the tax bill. There can be no guarantee that the County Tax Losses Reserve Fund will continue to be sufficient to meet the delinquencies in the future. 6 The County has the power to discontinue the Teeter Plan on a County-wide basis with respect to either or both general taxes and special assessment installments. The Plan may also be discontinued by petition of two thirds (2/3) of the participating taxing agencies. In addition, the County may choose to not include a specific assessment district or City under certain circumstances. The balance in the County Tax Losses Reserve Fund as of June 30, 1990, was estimated by the County Auditor/Controller to be $21,797,766. OBLIGATION OF THE COUNTY UPON DELINQUENCY Under the Bond Act, the County can determine, prior to issuing the Bonds pursuant thereto, whether or not it will obligate itself to advance available funds from the County treasury to cure any deficiency which may occur in the Redemption Fund. The County has determined, pursuant to Section 8769(b) of the Bond Act, that it will not obligate itself to advance available funds from the County treasury to cure any deficiency which may occur in the Redemption Fund. A determination not to obligate itself shall not prevent the County from, in its sole discretion, so advancing funds. If a delinquency occurs in the payment of any assessment installment, the County has a duty to transfer from the balance, if any, in the Special Reserve Fund to the Redemption Fund, the amount of the delinquency. This duty of the County continues during the period of delinquency, until reinstatement, redemption or sale of the delinquent property. If, during the period of delinquency, there are insufficient funds in the Special Reserve Fund to meet all such delinquencies, a delay may occur in payment to the owner of the Bonds or there may be insufficient funds to make such payments. See also the following sub-section entitled "COVENANT TO COMMENCE SUPERIOR COURT FORECLOSURE." COVENANT TO COMMENCE SUPERIOR COURT FORECLOSURE The Bond Act provides that in the event any assessment or installment thereof or any interest thereon is not paid when due, the County may order the institution of a court action to foreclose the lien of the unpaid assessment. In such an action, the real property subject to the unpaid assessment may be sold at judicial foreclosure sale. This foreclosure sale procedure is not mandatory. However, in the Resolution, the County covenants with the holders of the Bonds that, not later than October 1 in any year, the County shall file an action 7 in the Superior Court to foreclose the lien of each delinquent assessment if the sum of uncured assessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the assessment installments posted to the tax roll for that fiscal year and if the amount of the Special Reserve Fund is less than the Reserve Requirement. Prior to July 1, 1983, the right of redemption from foreclosure sales was limited to a period of one year from the date of sale. Under legislation, effective July 1, 1983, the statutory right of redemption from such foreclosure sales has been repealed. However, a period of 120 days must elapse after a court adjudges and decrees a lien against the lot or parcel of land covered by an assessment before the notice of the sale of such parcel can be given. Furthermore, if the purchaser at the sale is the judgment creditor, i.e., the County, an action may be commenced by the delinquent property owner within 6 months after the date of sale to set aside such sale. The constitutionality of the aforementioned legislation which repeals the one year redemption period has not been tested and there can be no assurance that, if tested, such legislation will be upheld. In the event such Superior Court foreclosure or foreclosures are necessary,there may be a delay in payments to Bondowners pending prosecution of the foreclosure proceedings and receipt by the County of the proceeds of the foreclosure sale; it is also possible that no bid for the purchase of the applicable property would be received at the foreclosure sale. See the section herein entitled "BONDOWNERS' RISKS." COVENANTS WITH RESPECT TO ARBITRAGE AND MAINTENANCE OF TAX EXEMPTION During the term of the Bonds, the County will make no use of Bond proceeds which, if such use had been reasonably expected at the date the Bonds were issued, would have caused the Bonds to be "arbitrage bonds" within the meaning of Section 148(a) of the United States Internal Revenue Code of 1986, as amended (the "Code"), and regulations of the Internal Revenue Service authorized thereby, and further will rebate to the United States any amounts actually earned as arbitrage in accordance with the provisions of the Code and those regulations, all as more particularly set forth in the detailed arbitrage covenant to be executed by the County prior to delivery of the Bonds. The County will take all reasonable actions required to maintain the status of the Bonds as bonds exempt from Federal income taxes and State of California personal income taxes. See the section herein entitled "TAX ENT-MMON" 8 PRIORITY OF LIEN The assessment (and any further assessment) and each installment thereof and any interest and penalties thereon constitute a lien against the lots and parcels of land on which they were imposed until the same is paid. Such lien is subordinate to all fixed special assessment liens previously imposed upon the same property, but has priority over all fixed special assessment liens which may thereafter be created against the property; and also has priority over all private liens including the lien of any mortgage or deed of trust thereafter created. Such lien is co-equal to and independent of the lien for general property taxes. All of the parcels in this District are also in the North Gate Water Assessment District. Each of the lots and future lots will have an assessment lien of $4,370.00 to secure the North Gate Water Assessment District bond issue dated June 5, 1990 and issued by the Contra Costa Water District. The North Gate liens have priority over the liens securing the Bonds. As of the Dated Date of the Bonds, there are no other prior fixed special assessment liens on parcels in this District. See section "ESTIMATED VALUES"sub-section "VALUE TO LIEN RATIOS" herein. THE RESOLUTION ESTABLISHMENT OF SPECIAL FUNDS The County operates a computerized municipal fund accounting system. The County will establish special funds to contain various accounts to administer the proceeds of the sale of the Bonds and payment of interest and principal on the Bonds. The use of the term"Fund" herein and in the Resolution shall mean an account within a special fund of the County called RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1. The following descriptions refer to the statutory terminology. The County will establish five funds to administer the proceeds of the sale of Bonds and payment of interest and principal on the Bonds, to be known as the Improvement Fund, the Redemption Fund, the Special Reserve Fund, the Investment Earnings Fund and the Arbitrage Rebate Fund. The County Treasurer shall maintain the following five (5) funds. 9 Improvement Fund All moneys in the Improvement Fund shall be withdrawn only upon checks of the County and shall be applied exclusively to the payment of the issuance costs and expenses of the Project. Disbursements from-the Improvement Fund shall be subject to the provisions of the Resolution for the Bonds. Any surplus remaining after payment of all said costs and expenses shall be used as set forth in said proceedings and applicable provisions of the Municipal Improvement Bond Act of 1913, Division 12 of the Streets and Highways Code of the State of California. Redemption Fund All payments of principal and interest installments on the assessments, together with penalties, if any, shall be deposited in the Redemption Fund, which shall be a trust fund for the benefit of the Bondowners. Payment of the Bonds at maturity, or at redemption prior to maturity, and all interest on the Bonds shall be made from the Redemption Fund. Special Reserve Fund Amounts in the Special Reserve Fund (the "Reserve Fund" or"Special Reserve Fund") will be available for transfer to the Redemption Fund in the event of delinquent assessment installments on the parcels within the District. As of September 2 of each year during the term of the Bonds, when the amount in the Special Reserve Fund equals or exceeds the amount required to retire the remaining unmatured Bonds, (whether by advance retirement or otherwise), the amount of the Special Reserve Fund will be transferred to the Redemption Fund, and the remaining installments of principal and interest not yet due from assessed property owners will be cancelled without payments. Investment Earnings Fund Proceeds of the investment of amounts in the Special Reserve Fund will be deposited in the Investment Earnings Fund. As of September 2 of each year during the term of the Bonds, the Treasurer shall determine whether any portion of investment earnings must be rebated to the United States pursuant to Section 148 of the Code, and regulations adopted thereunder. Any amounts required to be rebated will be transferred to the Arbitrage Rebate Fund. 10 Arbitrage Rebate Fund Amounts in the Arbitrage Rebate Fund shall be invested in the same manner as amounts in the other funds and shall be held in trust for rebate to the United States at the times required by Section 148 of the Code and regulations adopted thereunder. DEBT SERVICE SCHEDULE The following table sets forth the annual debt service on the Bonds. *Interest is computed from the Delivery Date to September 2, 1992. 11 THE COUNTY The.County of Contra Costa is located approximately fifteen miles east of the City & County of San Francisco. The County is bounded by San Francisco Bay to the west, Solano County to the north, San Joaquin County to the east and Alameda County to the south. The County is a political subdivision of the State of California, organized and existing under the general laws of the State of California. It was one of the 27 original counties founded with the State in 1849. The City of Martinez serves as the county seat. A five-member Board of Supervisors governs the County. The Supervisors are elected in staggered intervals to serve four year terms. The Board appoints a County Administrator who is responsible for administering County operations and for carrying out Board policies. Phil Batchelor has served as County Administrator since June of 1984. The County is the ninth largest in the State, with a population of 803,000 as of January 1, 1990. It encompasses approximately 732 square miles and is comprised of 18 cities, the largest of which include Concord, Richmond and Walnut Creek. THE NEIGHBORHOOD CITY OF WALNUT CREEK The District is in the unincorporated area of the County and no plans exist to annex the project to the City of Walnut Creek (the "City"). However, the District is within the City's sphere of influence and lies immediately to the east of the City's border. Therefore, a brief description of the City follows. The City was incorporated in October 1914, and adopted the council-manager form of government in 1956. It is the third largest City in the County with a population on January 1, 1990 in the incorporated area of 63,868 and an additional estimated 13,500 within its sphere of influence. The City covers about 16 square miles and is one of the most developed suburban areas in San Francisco's nine county Bay Area. It is located twenty miles east of San 12 Francisco, in the central part of the County at the crossroads of 1-680 and State Highway 24. IMMEDIATE AREA The District is situated in the North Gate area of Ygnacio Valley in eastern Walnut Creek. Older higher density development is situated to the west of the District consisting primarily of California ranch style homes. North of the District is a large open space area and the Boundary Oaks public golf course. South of the District are numerous ranchette type properties of one to five acres on the average. East of the District are moderate to steeply rolling hills leading up to the boundary of Mount Diablo State Park. Northgate High School is 1/2 mile southwest of the subdivision on Castle Rock Road and elementary and junior high schools are 1 1/2 miles northwest on Cedro Lane. The central business area of the City is six miles southwest. The area has been long established as a desirable residential area with the close proximity of the golf course, the Boundary Oaks tennis club and an attractive residential setting. The District is accessed by Oak Grove Road which turns into North Gate Road in the vicinity of the District. Oak Grove Road intersects Ygnacio Valley Road which provides direct access to downtown Walnut Creek, the I-680/Hwy. 24 intersection and the Walnut Creek BART (Bay Area Rapid Transit) station. 13 THE PROPERTY OWNERS The property owners' list follows. The property owners include the original Developer, other builders and retail purchasers. PROPERTY OWNER ASSESSMENT NUMBER Smith Land & Development Co. All other parcels. Lot 2 Rancho Paraiso, a California general partnership 2 Smith Quality Homes 4,6,10,12,34 Gary and Dawn Gulielmino .8 Century Homes Development 9,11,17,23,29,48,53,64,66,80 Marvin Haworth Construction 14,44 Midway Development, Inc. 25 Charles & Lynn Hicklin 39 Joel & Susan White 60 THE DEVELOPER The primary property owner and Developer of the District is the Smith Land & Development Company, which is one of a group of companies generally known as The Smith Companies (the "Developer"). This family owned and operated firm was established by Harold W. Smith in 1934 and is currently run by his two sons, Bruce & Randy Smith. Randy has been associated with the family business since 1961 and Bruce joined the firm almost fifteen years ago. Harold Smith was recently inducted into the California Housing Hall of Fame. Randy Smith serves on the Executive Committee of the National Association of Home Builders. Bruce Smith is Past President of the East Bay Builder Association and Past Chairman of the Board of the Building Industry Association of Northern California. He currently serves as Secretary of the California Building Industry Association and as trustee of the Carpenter's Pension Trust Fund for Northern California as well as a trustee for the Construction Industry Advancement Fund. He serves as a member of the Policy Board, Center for Real Estate & Urban Economics based at the University of 14 California at Berkeley. The Smith Companies are comprised primarily of: Smith Land & Development Co.,which is involved in the acquisition,approval processing,and development of residential subdivisions; Smith Quality Homes, Inc., which is the construction arm of the organization; and, The Harold W. Smith Company, which is the marketing side of the organization. In addition, SRS Development Company was formed in 1983 to acquire and develop commercial real estate opportunities, which have been kept as investments. Over 1700 residences have been built by the Developer in Contra Costa County. Two master planned projects are the White Gate Estates, a 241 lot subdivision in Danville, California completed in 1977 and Bryan Ranch, a 321 lot subdivision, also in Danville, which was completed in 1989. Additionally, they have completed Starview, a 15 lot subdivision in Alamo, Orindawoods, a townhouse project in Orinda and Sanders Ranch, a joint venture of 274 lots in Moraga, California. Smith Quality Homes, Inc. purchased four small subdivisions in 1989 and is in the process of completing construction of a total of 46 homes. The subdivisions are Woodborough in Lafayette,Fair Oaks Ranch in Alamo, Mountain View in Walnut Creek and Kimberwicke in Alamo. All of these projects are in Contra Costa County. THE DISTRICT The District is located at the eastern terminus of Arbolado Drive south of Valley Vista Road and north and west of North Gate Road. The property extends eastward from the Walnut Creek city limits and includes approximately 210 acres. The property topography varies from gently rolling to steeply sloped hills. The site has an approved final map for 211 single family detached home sites ranging in size from 10,200 square feet to 30,400 square feet (the "Project"). It is zoned Single Family Medium Density, General Plan Open Space and Parks & Recreation and as Planned Unit District P-1. Development of the site includes the dedication of approximately 109 acres to either the City of Walnut Creek or Contra Costa County as permanent open space and will create a pathway system that ultimately connects to the Mount Diablo Trail System. The Planning Commission considers this District to be an "in-fill' project and a logical buffer between the higher density suburban development and the open space and park lands of Mount Diablo. 15 Street improvements include asphalt paved streets, concrete curbs and gutters and underground utilities and an extensive storm and sewer drainage system. All utilities are available to the District and there are no foreseeable problems in obtaining hookups. The District is not located in a flood hazard zone and is not located in a spacial studies earthquake hazard area. According to the findings of the Board of Supervisors and other interested parties there are no substantial hazards, hazardous substances or toxic wastes existing in the District. See the following section "THE PROJECT". THE PROJECT THE DEVELOPMENT Rancho Paraiso is a Planned Unit Development of the Developer. The Project will consist of 211 single family lots with an average square footage of 16,000. Of the approximately 210 acres, about 109 acres are devoted to open space. A trail system within the Project will be connected to the regional trail network. The Developer will offer custom built homes and has sold or reserved lots for other builders as well. No other bond issue for this Project is anticipated by the Developer. Phase 1 consists of 85 lots and has a final map filed and Assessor's Parcel Numbers have been assigned. Phase 1 has all public improvements completed and these improvements are being acquired with proceeds of this Bond issue. Phase 1 has sold (although all of,these sales have not closed) ten lots to other builders. Assessment Parcel 6 has a completed display home which is used as a real estate sales office. Assessment Parcels 4, 10, 12 and 76 have homes under construction by the Developer which are for sale to the public. Three parcels have been sold to individuals and 2 others are reserved. The final maps for Phases 2, 3 and 4 have been filed, but Assessor's Parcel Numbers have not been assigned. The roads are paved in Phase 2, which consists of 31 lots. Phase 3 consists of 12 lots and the water improvements are being installed currently. The Developer expects to pave the roads in Phase 3 in the spring of 1991. Phase 4 consists of 83 lots and the Developer anticipates they will be ready for sale during 1992. 16 qj �� .:'i r law ,'•t '�}n •..�• ,5-v, N It i f l;f.l :� •Aim,Yr .`•} x' _ --_ i `I�{b -,, tit 5" r�J 4 � ,•Z 'r< a�'d "ham..;. •. � _ t, � �.�,5� $ � c }� "il l • ld' 'j' � �� �y Ifl. i •`;�1 rt I Nr ��� ^fit` k• V� �F w.} 1 7 � •� `� 4 :�.Y •. 'r�� +"4 °i'fit y t in+,-� :i�'"�1{,y. .. -:::i4i:'.:.:...:......:i:::........::v'•:::•:i•;�::•;•.:::..................... ....,3... }}..1w.•...LL, 1 Y.,fr'-{t:.:, •Lv.•.;.v:v:.v.tQ ..,k.,.$,•.::.i4. ��.., >\Tt:"�i`S?�.':.�'� r... r.4:o- .,>,,.. x:.;.a., •:. ;xt.; rr:.:E:c rxv:; ..:;,.:r,a ti.:yR.rL12'}a�.a'JS,.,z�!t::,.>fi�33�,,..f.�.:... '`. :.•..,-..k•..•...^.:........ ...: ♦.v::::::•:• ...n,..4':'.•:..-.•.rT• c}hv:C .. .}. � .::vv.�v::.......++��.,, .... ..'-.S`:...v �:2'ta x V`L'•4 � +::....,:•:<?;:v:;':;:;t:�.>::;v::,4:...:.:. f.::.,.�...,,,:.,:w;.:x•r '`yt. 'Z•l4t LL:•5'•2 f r- t s r jj y{y i{i{ t lc i +t 1 f t �! t < 1 0� R # s• � y17 . 4�• r- }£ .{ I THE IMPROVEMENTS The Bond issue will fund the acquisition of public improvements previously constructed for the Rancho Paraiso development, including grading, pavement, curbs and gutters, sidewalks, traffic signing and striping and street lights; the construction of sanitary sewer mains,structures, fittings and appurtenances;the construction of storm drainage pipes, catch basins, structures, fittings and appurtenances; the construction of water storage and distribution facilities and appurtenances; the construction of joint utility distribution facilities for electrical, telephone, gas, cable t.v., street lighting and traffic signal systems, including trenching, conduit and cable installation, pull and splice boxes, fittings and appurtenances; the construction of landscaping and irrigation facilities, including soil preparation, landscape materials, irrigation pipes, fittings and appurtenances; including the required attendant public fees and design and construction engineering fees; together with the acquisition of all necessary interest in real property. The improvements are within the public roads and easements of the Rancho. Paraiso development. METHOD OF SPREADING ASSESSMENTS The method of allocating assessments in the District is as follows. The total costs of the facilities constructed, including relative fees and incidental expenses, were totalled. These total costs were then allocated equally to all existing and future lots. On the Assessor's Parcels which have not yet been subdivided, an assessment equivalent to the number of future lots in each existing Assessor's Parcel was levied against those parcels. ESTIMATED VALUES THE APPRAISAL An appraisal dated 4/12/89 for Rancho Paraiso was done by Larry Holcomb, Inc. of Walnut Creek, California. A letter of Updated Land Values was completed by Larry Holcomb on 12/13/90. The original appraisal was for Vacant Unimproved Land with approved Subdivision Map Tract 7110. The updated 17 letter is for mapped subdivision land for Phases 2, 3 and 4 and for the retail value of the developed lots for Phase 1. See Appendix D for the "APPRAISER'S LETTER UPDATE" letter dated 12/13/90. VALUE TO LIEN RATIOS Based on the appraised values of land in the District and list values of improvements, the District has a combined estimated value of $36,405,000 for land only and a combined estimated value of land and building improvements of $38,982,000. The total of the first and second liens is $6,922,154. Therefore, the value to lien ratio is 5.26 to 1 for land only and 5.63 to 1 for land and building improvements according to these estimates. For a detailed analysis of the individual parcels see Appendix B, "VALUE TO LIEN RATIOS & SALIENT DATA SOURCES AND USES OF FUNDS SOURCES: TOTAL AMOUNT OF BONDS TO BE SOLD (PAR) $6,000,000 TOTAL SOURCES: $6,000,000 USES: CONSTRUCTION COSTS $ 4,130,000 ENGINEERING & FEE 1,345,000 BOND COUNSEL 75,000 UNDERWRITERS DISCOUNT 75,000 RESERVE FUND 180,000 COUNTY ADMINISTRATION FEE 60,000 OTHER COSTS OF ISSUANCE 135,000 TOTAL USES: $6,000,000 18 BONDOWNERS' RISKS GENERAL In order to pay debt service on the bonds, it is necessary that unpaid installments of assessments on land within the District are paid in a timely manner. The County will establish a separate fund which includes a Special Reserve Fund in the amount of three percent (3%) of the principal amount of the Bonds, which will be used to pay delinquent assessment installments should they occur. The assessments are secured by a lien on the parcels of land and the County can institute foreclosure proceedings to sell land with delinquent installments for the amount of such delinquent installments in order to obtain funds to pay debt service on the Bonds. Failure by owners of the parcels to pay installments of assessments when due, depletion of the Special Reserve Fund, or the inability of the County to sell parcels which have been subject to foreclosure proceedings for amounts sufficient to cover the delinquent installments of assessments levied against such parcels may result in the inability of the County to make full or punctual payments of debt service on the Bonds and Bondowners would therefore be adversely affected. Unpaid assessments do not constitute a personal indebtedness of the owners of the lots and parcels within the District. There is no assurance the owners will pay such installments even though financially able to do so. Development of parcels within the District,transfers of property ownership and certain other circumstances could result in prepayment of assessments. Such prepayment would result in redemption of all or a portion of the Bonds prior to their stated maturities. See section entitled "The Bonds", sub-section "REDEMPTION" herein. LIMITED COUNTY OBLIGATION UPON DELINQUENCY The County's liability to advance moneys to pay Bond debt service in the event of delinquent assessment .installments shall not exceed the balance in the Special Reserve Fund. The County has determined pursuant to Section 8769(b) of the Streets and Highways Code that it will not obligate itself to advance 19 available funds from the County treasury to cure any deficiency which may occur in the Redemption Fund. Notwithstanding the above, the County may, at its sole option and in its sole discretion, elect to advance available surplus funds of the County to pay for any delinquent installments pending sale, reinstatement, or redemption of the delinquent property. However, Bondowners should not rely upon the County to advance moneys to the Redemption Fund if the Special Reserve Fund were ever depleted. LAND VALUES The value of land within the District is an important factor in determining the investment quality of the Bonds (see the section entitled "ESTMATED VALUE", sub-section "VALUE TO LIEN RATIOS"). If a property owner defaults in the payment of assessment installments, the County's only remedy is to commence foreclosure proceedings in an attempt to obtain funds to pay the delinquent assessment. There can be no assurances that any amounts realized by the County upon completion of a foreclosure proceeding will equal the amount of delinquent or future assessments. See the sub-section "BANKRUPTCY"herein. FACTORS WHICH MAY AFFECT LAND DEVELOPMENT AND PROPERTY VALUES Development in the District and property values may be affected by changes in general economic conditions, fluctuations in the real estate market, seismic activity, flooding and other factors. In addition, further development may be subject to future federal,state,and local regulations. Approval may be required from various agencies from time to time in connection with the layout and design of proposed development in the District, the nature and extent of public improvements, land use, zoning and other matters. Although no such delays are anticipated, failure to meet any such future regulations or obtain any such approvals in a timely manner could delay or adversely affect further development in the District which could, depending on the circumstances, adversely affect property values. GENERAL PROPERTY TAXES All property taxes are paid current on all parcels in the District as of the date of this Preliminary Official Statement. 20 BANKRUPTCY The payment of property owners' assessment installments and the foreclosure by the County of the lien on a delinquent unpaid assessment may be limited by bankruptcy, insolvency, or other laws, local, state or federal, generally affecting creditors' rights or by the laws of the state relating to judicial foreclosure. Although bankruptcy proceedings would not cause assessment liens to become extinguished, bankruptcy of a property owner could result in a delay in the County instituting Superior Court foreclosure proceedings. Such delay could increase the likelihood of a delay in payment of the principal of and interest on the Bonds, and the possibility of delinquent assessment installments not being paid in full. Bond Counsel's approving legal opinion, to be delivered concurrently with the delivery of the Bonds, will be qualified as to the enforceability of the various legal instruments by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally. LEGAL OPINION All proceedings in connection with the issuance of the Bonds are subject to the approval of Sturgis, Ness, Brunsell & Sperry, a professional corporation of Emeryville, California,Bond Counsel for the County (the"Bond Counsel'). The unqualified opinion of Sturgis, Ness, Brunsell & Sperry, attesting to the validity of the Bonds, shall be supplied free of charge to the original purchaser of the Bonds. A copy of the legal opinion, certified by the official in whose office the original is filed, will be printed on each Bond. The statements of law and legal conclusions set forth in this Preliminary Official Statement in the section entitled "THE BONDS"', herein have been reviewed by Bond Counsel. Bond Counsel's engagement is limited to a review of the legal procedures required for the authorization of the Bonds and the exemption of interest on the Bonds from income taxation. See the following section entitled "TAX EXEMPTION"herein. The opinion of Bond Counsel will not consider or extend to any documents, agreements, representations, offering statements or other material of any kind concerning the Bonds, including this Preliminary Official Statement, not mentioned in this paragraph. Payment of 21 Bond Counsel's fee in connection with the issuance of the Bonds is contingent upon the issuance and delivery of the Bonds. For the complete text of the Bond Counsel Opinion, see Appendix E. TAX EXEMPTION In the opinion of Bond Counsel,subject,however, to the qualifications set forth below, under existing law, interest on the Bonds and received by the owners of the Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, provided, however, that for the purpose of computing the alternative minimum tax imposed on such corporations (as defined for federal income tax purposes), such interest is taken into account in determining certain income and earnings. The opinions set forth in the preceding sentences are subject to the condition that the County comply with all requirements of the Code that must be satisfied subsequent to the delivery of the Bonds in order that such interest be, or continue to be, excluded from gross income for federal income tax purposes. The County has covenanted to comply with certain restrictions designed to assure compliance with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of such interest in gross income for federal income tax purposes to be retroactive to the date of delivery of the Bonds. Bond Counsel expresses no opinion regarding other federal tax consequences arising with respect to the Bonds. Ownership of tax-exempt obligations may result in collateral income tax consequences of certain taxpayers, including without limitation, financial institutions, property and casualty insurance companies, certain foreign corporations doing business in the United States, certain S Corporations with excess passive income, individual recipients of Social Security or Railroad Retirement Benefits and taxpayers that may be deemed to have incurred or continued indebtedness to purchase or carry tax-exempt obligations. Bond Counsel expresses no opinion with respect to any of such consequences and, accordingly, prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such collateral consequences. In the opinion of Bond Counsel, interest on the Bonds is exempt from California personal income taxes. 22 ABSENCE OF LITIGATION There is no action, suit or proceeding known by the County to be pending or threatened, restraining or enjoining the delivery of the Bonds or in any way contesting or affecting the validity of the Bonds or any delivery thereof. A no litigation certificate executed by the authorized representative(s) of the County will be delivered to the Underwriter simultaneously with the delivery of the Bonds. NO RATING The County has not applied for, and does not contemplate making application to any rating agency for the assignment of a rating on the Bonds. UNDERWRITING The Underwriter of the Bonds is expected to purchase the Bonds from the County at a discount from the initial public offering price equal to $75,000.00 The purchase agreement relating to the Bonds provides that the Underwriter will purchase all of the Bonds if any are purchased, the obligation to make such purchase being subject to certain terms and conditions set forth in said purchase agreement, the approval of certain legal matters by Bond Counsel and certain other conditions. The public offering prices may be changed from time to time by the Underwriter. The Underwriter may offer and sell Bonds to certain dealers and others at prices lower than the offering prices stated in the section entitled "THE BONDS" sub-section "SCHEDULE OF MATURITIES" herein. 23 MISCELLANEOUS All quotations from, and summaries and explanations of, the Resolution and statutes and documents contained herein do not purport to be complete, and reference is made to said documents, Resolution and statutes for full and complete statements of their provisions. This Preliminary Official Statement is submitted only in connection with the sale of the Bonds by the County. All estimates, assumptions, statistical information and other statements contained herein, while taken from sources considered reliable, are not guaranteed by the County. The information contained herein should not be construed as representing all conditions affecting the County or the Bonds. 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CT N a cn 00 ca 00 N o tA 0 v O tf) � M � APPENDIX C ECONOMIC & DEMOGRAPHIC PROFILE Note: The District is adjacent to the City of Walnut Creek. Therefore this Preliminary Official Statement includes community economic data relating to the City of Walnut Creek that was supplied by the Walnut Creek Chamber of Commerce. The Bonds are not obligations of the City of Walnut Creek. Welcome to Walnut Creek . . . . Awards have been given to big Walnut Creek boasts hundreds cities (over 100,000 population) of specialty shops as well as M "The most liveable small city in for 10 years, but to small cities scrumptious places to eat It's (under 100,000) awards have charming downtown area only been given for the past reflects progress with the unique the nation!" We were very proud three years. Walnut Creek is the modem architecture and first California city to ever attractive design. to accept this award at the 1989 receive this honor. Another plus would be our The selection is made by outstanding weather. We enjoy evaluating each city's an ideal climate year round 0 conference of Mayors' loth City commitment to the arts . . . and This'enables residents and Walnut Creek is definitely visitors alike to take advantage Livability Awards Program in committed! In fact, residents are of the beautiful parks that dot dedicated to anything that the map and trails for improves the economic vitality equestrian, bicyclists and joggers Charleston, South Carolina. and quality of life in their that criss cross the city. M community. Walnut Creek is the Hospitals,schools and ideal place to live and work You recreational facilities ar'e,als'.0 can look forward to a perfect :; - ,--blossoming to serve our growing ,5,V,: )Iena,kresidentiaI,recreational community's needs.Yet if that and cultural resources,as well as isn't enough;the exciting uts c tans ing businen: -' 'attraction's and nightlife of San * pportunztzes Tranci; 'ko are just minutes away. If you are more interested, however, n. 6'busifiess cliniAte 16 f Walnut Creek,"y"ou will b pleased 1.o,, `that q) t our -t-if•fluent'population-makes our % ;city a desira-ble site for the r thi a4qu rtei�of several major. 4 Ak� _nat ona., orpora.6 ons.'. y6can see,-6i re is a ot awaiting you vn'W a uf'Cree Youill` JIM I 1z `_b- lace to bik� -h idea '.p plat WWI— Our city,Walnut Creek,is nestled in a pretty valley at the % foot of scenic Mount Diablo, Besides our flourishing arts program,WO s6w,ell known --,i;,:for bu'rOxcellent shopping7. CAR: 4i ZNPI A p 74 INK ^o w o 00 O O O O Qo O O O O O Co O O ..w, E tom- LOo O� ro O w r, C> in C; 06 N Cn Cr cowl C77 C7) CD ►t? O N N N N M 'V, M r-+ co M N co C m 00 1-+ In t c i +-+ M C) CT) m in .6% w 0 -0 —-at M � tSi O -0 w 00 -a 3 00 0 0 0 0 0 0 0 0 0 Q a o O o o t- o C) �' � y a)m m O a) to N r- O O m to � M 0 V, O C) G am " o 00 00 �r er t- L7 V w LD 00 O �r r- O N � G O La N to •-. p M to r- O � CO -.4 c: •--i •! N c ro O to Off) LO o A.- V) M m CS) m et' 6569 Gti s C0 G 00 0 w CO G >, M 00 o 0 o Q 0 0 0 0 o Q 0 C) 0 0 0 -t:r o o ~ H o rt tD o0 N m m t- N tX7 r+ O tt? C'7) to O O to G C) En er O o r- O O r) t-- -,:vro v M ri Q !n - N O ,-i N V O N Co ,-. p N to N 4 ►� C7) N M M .-+ r- M O r c'a to t[) m to to s y *� M 00 00 m 'C7 Oft Co En �° W L o 0 0 0 0 0 0 0 0 Q o O 0 0 0 t- 0 0 ; �, : h N M U-) Q' u� to co t- N Q m C) G7 LO m � 0 O .., E w a 0 CJ) C CV 40 M m r" .-� C' N •--+ r- O to Lo CV oo tc ° CU " x M !r t} . C!) 00 m O N to N CC) N O O C") t- m .-� N N CV tD M 00 CJ) Cn 00 O C) C1 G = G N r- r- M Cr 6 M ro .- O 10 � rn � " Q ro W '" oei - .� H � 000 N - 000 to N to � LO O O Loo ttoo O O � G > O to CA � CD two o CD N Co t`- 4 an N 0 r- N rn U0 v Go cr r0 c; Ci ro t` .-{ �+ C t- N to cA cl to to °"' j U ° rr *-+ N •-+ to N CD V--4 N t- ttoo N t L&4 6. a ..� n. O "Ntn v cCt O G q Z. t- CT) 00 Q cc O L-- r- -.4rQ r- r- 0 to v rn to r- U E -n " 0 o CD N �r en .-+ M Cr) :r to 00 M 00 CT) m Co r- O C) CL M > oo tt3 Cn .-+ N (n to N O co Q o0 N m to to �' rn a w G O CD d" t` C>7 O t ►-+ to Cf) •-� N r- to ^� w U) o CV to to N M Eft ° Q F R. .a E -° ro �+ O L) C ca bn . cucz Q) C: D O m to t0 � d b �} C: d ^C "0a) Co vdcn u a) o O D C w c: o °q p c�- GY. d cl D cn fa. cn U E- G Gz. t:2 C' N a x x a W � ° �' W � rn 00, C- O —0 C: 00, So C: -0 oll 3 ca P. o U 1:4 3 � �°' 'Qo � �' Ga � � o R r `�° W �+ � •� Y R � w � 'G Ln i-A 00 CO 0 7- S C3 1: 4/1 c viarO, G CO S o ECONOMIC PROFUX A ECONOMIC GROWTH AND! TRENDS County/City 1950 1960 1970 1980 1986 1989 Population in the County 298,984 409,030 558,389 650,748 716,995 753,560 Total Taxable Retail Sales-County* 218,000 418,502 938,130 3,979,308 4,022,459 Population in City Limits 2.420 9,900 39,844 53,600 60,000" 62,600 Total Taxable Retail Sales-City* NA 46,786 102,794 458,915 691,694 School Enrollment,GR 1-6 1,805 5,287 7,694 3,923 3,193 Not Available Occupied Dwellings-City NA NA NA 24,400 Not Available Median Income 40,317 47,235 Median Age 40 36.9 Median Rental Cost $322.00 $587.00 Median Home Cost $135,000 $240,000 Housing Units 25,805 28,763 29,036 Taxable Sales,Add$000. Sources: State Board of Equalization.Walnut Creek Planning Department,Mt.Diablo and Walnut Creek Unified District. Doesn't include recent annexations. (Millions of dollars) 120— 200- 109.9 100— 180.5 79.4 80- 123.2 6G— 56.5 100-- 104.4 79.4 75.8 73.4 40- - 26.3 47.4 453.9 40.3 2031.5 — 13.7 - 7.2 E I I 1 1.4 1.3 2,0 1.0 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Source;City of Walnut Creek Source:City of Walnut Creek 'Permit value increased from 550 to 566,30 per square foot in fanuary 1989. —Projected annual figure based upon 546.313,502 on July 31, 1989. —Projected annual figure based upon 5781.575 on Juiv 31.1989. Number of permits issued is shown in the bottom of each graph bar. NEWCOMME=AL. C0NSMUCR0N;P*=TS- ALL CONSTRUCTION PERMITS- t,.. N "C1 ,� ►�. a CL U cd C+ CG 01 0 Orr v N CL OGti p O a a "!7 i'^ L3 Op r y yd C A a u c .°h. oan O qq.�� -0 G Gz. u 06 a v ca _ .__., a� o a� u 3 v 3 v eo •� 'v � QQari� C-4O T pp ^' 00 U G7 etS vUi O G T c•� O L O G O to C <3 N N G O OV a N ,ci ov o Cd O •..+ O 1.. y 'L7 a GJ ^�' p} •Chyi N E o 'F �' O U 1 �s O •� C3. U Cq CL CCw ly CN " ' co o >4 O 0. G O U O• O G G G O v U N p N N O° cn to �' u E an a 'R c O V E a cn n� 0 3 .A. vi 0 u a 3 con 1 L- 3 ° E 3 E o >, c o0`n `n E o 3 •o acs zy o O :3 O cyx 'O^ �,; 1a Q > cGa CA v ` y p �y', 0• Q �'" •p on � � .n .� ;� �, o E ti n � 'Cl. G •... �O N � oa. ,`'-�'_, N y �nX N (} p •~ {�,1 J �� G N U 'C sN a � �• moo-. = '^� Li+ ' � •� O cd � Y Q� fn N rQ iC a O LJ V y' G T U U r O Ln 00o 3 > B tj rn A .0 .n G cd O o Go v n74 '{i a W �•' 'Q a' "O opo N " e� = L 2r- 2 oeco w T3 r4 .. 7 O U OU '� � U4Q 0 J ca V u'5G -OU - uP b "' MCO M rj >' cyo C tt O O U to 0 fO' 'Q� U eei O r� ed y U G N �, u o. V _T d G v 4'' '�) z y L. U o 0 3 t c o " E r3vp' M ca O ¢ «i �'`i O n� G 6� •� •cGsO U � •� � "Q O •0 � G Gn �j � O b U ... w tt�� 3 �, >. o c c co EQ c U o A G •v -o .3 U a •� G o a, 3N v on o G cGd CoPo as `i. 0000 00 c`o, a� 03o v oa ;tn 0 a C IL)N Q a 3 v) •� o' o c 3 E c3 opp- U co o N o a ,. U $ �} p. G `� G a G 3 as an d v v C 00 w ' v r� $ •^ c 3 o a a a ' o •5 `� cn cz0 CiO co c ECONOMIC PROFILE G MAJOR E,MP1,0Y1-,',RS Walnut Creek Walnut Creek Area: Name Type of Business Employees Name Type of Business Employees Chevron Petroleum 10,500 USA Inc Telecommunications 10500 Pacific Bell Telecommunications 7,500 Contra Costa Cnty. Government 51990 Bank of America Commercial Banking 4,725 Mt Diablo SchDist Education 4,311 Lesher Newspaper PG&E Utilities 2,045 Communications Publishers 11800 Village Resorts Resort&Property Inc. Management 1,500 Mt Diablo Hospital Health Care 1,400 U.S.Soc.Sec.Adm Government 1,400 San Ramon SchDist. Education 1,400 (San Ramon) C&H Sugar Sugar 1,300 Systron Donner Electronic Equipment 1250 John Muir Health USN Weapon Sta. Military 1,250 Medical Center Care 1,330 Veteran's Hospital Health Care 1,230 San Ramon Sch.Dist Education 1,175 (Danville) Safeway Stores Food Distribution 1,100 Shell Oil Company Petroleum Products 1,100 Duffel Financial Developers 1,100 &Construction Western Temporary USS Posco Steel Manufacturing 1,070 Temporary Service Employment 600 CC Community Education 1,070 College District Tosco Corp. Petroleum Products 750 City of Richmond Government 700 Brown&CaldweIl Environmental Engr. 700 AT&T Info.Systems Communications 564 Taylor-Made Off Sys. Office Products 550 Varian Aerograph Chemical Analysis 498 Mason-McDuffie Res.Real Estate 530 Bio-Rad Labortory Manufacturing 500 Dow Chemical Chemical Products 500 City of Concord City Government 500 Union Oil of Calif. Petroleum Products 500 Unocal Refinery Petroleum Products 500 McCaulou's Specialty Dept.Store 500 Ball,Ball& Construction 500 Zehntel, Electronic Brosamer Engineers Inc. Instruments 400 Conco Construction 500 Bill's Drugs Retail Drug Stores 460 S&W Fine Foods Food Mfg.&Distr. 425 Dr.'s Hosp.of Pinole Health Care 430 Los Medanos Hosp. Health Care 425 Louisiana-Pac.Corp. Pulp&Board Mill 400 Louisiana-Pac.Corp. Fibreboard 400 Source:Contra Costa Council,•Urban Land Economics;Contra Seeno Construction Construction 400 Costa County Community Development Department United Grocers Food Distributor 300 ECONOMIC PROFILE E CITY OF WALNUT CREEK 1988-90 BUDGET SUMMARY Estimated Revenues $54.4 million Charges for Service Misc.Fines&Revenues-$2.6 million $3.5 million Licenses&Permits $1.1 million Interest and Rental Income Sales and Use Taxes $4 million $20.6 million Property taxes Revenue from $11.1 million Other Agencies $4.8 million Other Taxes and Franchises $6.7 million Estimated Expenditures $47.6 million General Government Reserve $4 million $3 million Community Development CiP $4.8 million $3 million Public Services Administrative Services $13.7 million $3.4 million Police Civic Arts $12.3 million $3.4 million ECONOMIC PROF 1 E s EMPLOYMENTTOTAL ' Between now and the turn of the century, the number of jobs in the AS COMPARED county is expected to grow by more 1980 1985 1990 1995 2000 Percent Change than fifty percent. Contra Costa 1960-19801980-2000 County will maintain its position as Walnut Creek 37,602 43,800 50,440 54,400 57,300 --- 52% the fastest growing of the five Bay Contra Costa County 204,208 234,700 265,000 297,000 322,700 98% 57% Area counties. Employment growth in the Central County is expected to be particularly rapid. More than 67,000 new jobs will open up in POPULATION , ' EMPLOYMENT Concord, Pleasant Hill and Walnut Creek alone. (Walnut Creek)* Nearly two-thirds of Contra Costa Population(1/89) ....................................... 62,600 County's job growth will occur in Civilian Labor Force(5/89) ............................ 33,818 services and retail trade. Within the Employment(5/89) ..................................... 32,813 services division,business services— Unemployment(5/89) ................................... 1,005 especially temporary help and data Percent Unemployment(5/89) ............................ 3% processing firms — and medical Source:Employment Development Department,State of California services should add many of the new jobs. In retail trade, jobs will be created in department and apparel stores and in restaurants, among * DISTRIBUTION 'SECTOR other,many of these will be part-time positions. (Contra Costa Count Sector 1980 2000 Retail 21.7% 26.1% Manufacturing&Wholesale 17,2% 19.2% Agriculture&Mining 1.7% 1.1% Services 29.5% 27.9% Other 29.9% 30.7% Source:Caldwell Banker Commercial Rea!Estate Services ! NUMBER OF , BY IN WALNUT CREEK Age Percent Numbers 0-17 16,1% 10,079 18-34 24.1% 15,087 35-54 26.4% 16,526 55-65+ 33.4% 20,908 Male 46.7% 29,234 Female 53.3% 33,366 Total Population: 62,600(1/89) Source:California Dept.of Finance-'89 Estimate ECONOMIC PROFILE C TAXABLE WALNUT CREEK 1983-88 (Category:Type of store,not product) DOLLAR Auto Sales/Supplies $135.5 $169.4 TRENDS All Other(1) $94.7 $151 Gen.Merchandise $55.2 $147.2 Specialty Retail(2) $68.8 $1lz.s Eat/Drink jjjjj&& $44.2 $67.2 Apparel $3e.s pp $55.3 Bldg.Materials $34.3$46.3 Service Stations6.7 17.6 6.7 Drug 4.1 Home Furn./Appls. Grocery/Food .18 3 %INCREASE/DECREASE(MILLIONS) Package Liquor ® 1983 1988 $0 $50 $100 $150 $200 1. Video.Hotels,Auto Repairs,Hair Care,Manufacturers,Construction Contractors,etc- 2. tc2. Sports,Gifts,Jewelry,Computers,Office Supplies,etc PERCENTAGE Gen.Merchandise 166.5% TRENDS Specialty Retail 63.5% All Other 59.4% Eat/Drink 52.1% Apparel F21.1% 3.5% Home Ftun/Appls. .5% Bldg.Materials 9% Auto Sales/Supplies Drug Service Stations -8.2% Package Liquor -9.3% INCREASE/DECREASE Grocery/Food -31.50, 0% 100% 200% 1st Qtr % 2nd Qtr % 3rd Qtr % 4th Qtr % Total % 1988 199.836 1.4 217,733 8.4 209,925 -9.6 238,637 9.4 866.131 2.1 1987 196,990 .1 200,804 7.4 232,182 6.2 218,182 -4.2 848.158 2.2 1986 196,658 14.4 186,898 8.1 218.574 12.8 227,741 3.3 829.871 9.3 1985 171,942 2.1 172.972 6.6 193,821 13.8 220,470 18.3 759.205 10.4 1984 168,482 30.1 162,302 10.9 170,286 10.2 186.383 11.0 687,453 14.9 Vote: Sales are reported above in millions of dollars. 1985 marked the arrival of Nordstrom and the passage of Measure H.a growth moritorium now being incorporated into the Cily General Plan. APPENDIX D APPRAISER'S LETTER UPDATE LARRY HOLCOMB, INCORPORATED REAL ESTATE APPRAISAL HOUSING RESEARCH 13 December 1990 The Smith Companies Walnut Creek, California Attention: David Long Subject: Updated Land Values "Rancho Paraisoll Walnut Creek, California Dear Mr Long: At your request I have reviewed my original appraisal of the subject property dated 12 April 1989 and the current market for mapped subdivision land in the Central Contra Costa area for the purpose of updating my opinion of value for Phases II , III, and IV. In addition I have reviewed the local market for developed lots and the sales to date in this project to determine the average per lot value and the aggregate retail value of the developed lots . A review of the market indicates that although there has been a slowing of market activity for mapped subdivision land, prices have remained relatively stable and that there is still reasonable demand for subdivision land in the area. Therefore it is my opinion the a value per lot of $125, 000 continues to be. applicable. Based- on this opinion the following values for the mapped subdivision lots in Phases II, III, and IV are considered to be appropriate as of 13 December 1990: Phase 11 (31 lots) $ 3,875, 000 Phase 111 (12 lots) $ 1, 500, 000 Phase IV (83 lots) $10, 375, 000 Total: $15,750, 000 Lots are currently being sold in Phase I consisting of 85 lots. These lots are selling in the $195, 000 to $350, 000 price range and there have been five sold to date. The average asking price of these lots is approximately $243 , 000. This value is felt to be supported in the market and sales to date in Rancho Paraiso. 27,37, X EAA ET \X AN' uAANI T CREEK. CALIFORNIA 94500 * (415) 932-3270 Based on this analysis it is my opinion that an average retail market value per lot of $243 , 000 is appropriate for the finished lots in Phase I as of 13 December 1990 . This indicates the following aggregate retail value for the Phase I lots: $20., 655, 000 It is noted that the aggregate retail value assumes that the lots will be marketed and sold individually. Normally buyers of more than one lot can expect a volume discount. Should the lots be sold on a bulk basis the value indicated is subject to revision. All of the original assumptions, conditions and descriptive data set forth in my original appraisal continues to be applicable unless modified in this letter. This letter is to be considered to be an update and amendment to my original appraisal . If I can be of further service in this matter, please contact me. Respectfully submitted; Larry Holcomb Law Offices of STURGIS,NESS,BRUNSELL&SPERRY EUGENE K.STURGIS arofessional corporation (800)543-6500 11892.19761 P rP EDWIN N.NESS (415) 652-7588 ROBERT BRUNSELL 2000 Powell Street,Suite 1690 SAMUELA.SPERRY Post Office Box 8808 BORT FAX:(415)652-0190 DANIEL C.PHILIP D. BOR Emeryville,California 94608-1804 OPINION OF BOND COUNSEL LIMITED OBLIGATION IMPROVEMENT BONDS RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 SERIES NO. 1990-1 COUNTY OF CONTRA COSTA We have acted as bond counsel for the County of Contra Costa for the issuance of improvement bonds representing unpaid special assessments in Rancho Paraiso Assessment District No. 1990-1. We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. We have not independently verified questions of fact but have relied on the certifications of public officials. Nor have we reviewed the accuracy or sufficiency of the offering material related to the sale of the bonds. Based on our examination, we are of the following opinion: 1. The unpaid assessments in Rancho Paraiso Assessment District No. 1990-1 were validly levied and now constitute a lien on the parcels of land assessed, as provided in the Municipal Improvement Act of 1913 of the State of California. Bonds representing the unpaid assessments were validly issued under the provisions of the Improvement Bond Act of 1915 of the State of California. 2 . The bonds are valid special obligations of the County of Contra Costa, payable solely from the redemption fund, into which are placed all sums received from the collection of installments of principal and interest on the unpaid assessments. The bonds are enforceable in accordance with the Improvement Bond Act of 1915. 3 . Interest on the bonds is not includable in the gross income of the bondholder for purposes of federal income taxes under existing statutes, regulations and court decisions. Interest on the bonds is not a preference item for federal individual or corporate alternative minimum taxes, but is included in adjusted net book income and adjusted current earnings when calculating corporate alternative minimum taxable income. Interest on the bonds is exempt from State of California personal income taxes. The federal tax-exempt status of bond Opinion of Bond Counsel Page 2 interest depends upon continuing compliance by the issuer with the arbitrage covenant contained in the Resolution Authorizing Issuance of Bonds. 4 . The rights of the bondholders and the enforceability of the bonds may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights, heretofore or hereafter enacted. Enforcement of the bonds may be subject to the exercise of judicial discretion in accordance with general principles of equity. STURGIS, NESS, BRUNSELL & SPERRY a professional corporation By: Robert Brunsell Dated as of February 27, 1991 Opinion to: Mark Pressman Associates 250 Montgomery Street, Suite 1250 San Francisco, CA 94104 RESOLUTION NO. 91/109 RESOLUTION AUTHORIZING ISSUANCE OF BONDS RANCHO .PARAISO ASSESSMENT DISTRICT NO. 1990-1 The Board cf Supervisors of the County of Co:tra Costa resolves: Section 1. RECITALS. On January 8, 1991, the Board of Supervisors of the County of Contra - Costa adopted its resolution of intention to order improvements in Rancho Paraiso Assessment District No. 1990-1, Contra Costa County, California, under the provisions of the Municipal Improvement Act -of 1913 (the "Act") , as amended. Proceedings taken under the Act ,led to the levy of a special assessment by the Board against parcels of land within the assessment district in the total amount of $6, 000, 000.20. These assessments will be recorded in the office of the County Recorder of the County of Contra Costa, and "thereupon will become a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest was waived according to the petition signed by each property owner within the boundaries of the assessment district. Section 2 . ISSUANCE OF BONDS. The Board hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond Act of 1915 to represent unpaid assessments in the amount of $6, 000, 000. 00. Each bond shall be designated, "Limited Obligation• Improvement Bond, County of Contra Costa, Rancho Paraiso Assessment District No. 1990-1, Series No. 1990- 1. " Bonds shall be dated approximately the date of delivery and issued in denominations of $5000 or integral multiples thereof, not to exceed $100, 000. 00. Bonds shall mature in principal amounts as set forth in the table attached as Exhibit A. The bond date and interest rates on the bonds shall be as set forth in the bond purchase agreement. D � RESOLUTION 91/109 Section 3 . APPOINTMENT OF PAYING AGENT. REGISTRAR AND TRANSFER AGENT. The Board of Supervisors hereby appoints the Bank of America National Trust and Savings Association as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the County of Contra Costa and Bank of America Nationa... Trust and Savings Association. Section 4 . FORM AND EXECUTION. Bonds shall be issued as fully registered bonds substantially in the form set forth as Exhibit B to this resolution. - The bonds shall be signed by the County Treasurer and the Clerk of the Board and the seal of the County shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar. The registrar shall assign to each bond authenticated and registered by it a distinctive letter, or number, or letter and number, and shall maintain a record thereof which shall be available to the County for inspection. Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds, there are hereby established five funds to be known as the improvement . fund, the redemption fund, the special reserve fund, the investment earnings fund and the arbitrage rebate fund, respectively, for Rancho Paraiso Assessment District No. 1990-1. Section 5. 1. IMPROVEMENT FUND. Except as provided in Section 5. 3, proceeds of sale of the bonds, together with all amounts paid on the assessments before bond issuance, shall be deposited in the improvement fund to be maintained by the County Treasurer. Disbursements from the improvement fund shall be made by the County Treasurer in accordance with the budget of estimated costs and expenses set forth in the engineer's report heretofore approved by the Board, which report, and budget are 2 subject to modification by the Board from time to time as prescribed by the Act. ' Section 5. 2 . REDEMPTION FUND. The redemption fund shall be maintained by the County Treasurer. All payments of principal and interest installments on the assessments, together with penalties, if any, shall be deposited in .the redemption find, which shall be a trust fund for the benefit of the bondholders. Payment of the bonds at maturity, or at redemption before maturity, and all interest on the bonds shall be made from the redemption fund. Section 5. 3 . SPECIAL RESERVE FUND. There shall be deposited into the special reserve fund the amount of $180, 000. 00 from the proceeds of the. sale of bonds. That amount, less any amounts transferred to the redemption fund pursuant to Section 8884 of the Streets and Highways Code, shall constitute the "Reserve Requirement" for the bonds. The special reserve fund shall be maintained by the County Treasurer. A. During the term of the bonds, the amount in the special reserve fund shall be .available for. transfer into the redemption fund in accordance with Section 8808 of the Streets and Highways Code. The amount so advanced shall be reimbursed to the special reserve fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments was made from the special reserve fund. B. If any assessment is prepaid before final maturity of the bonds, the amount of principal which the assessee is required to prepay shall be reduced by an amount which is in the same ratio to the original amount of the special -reserve fund as the original amount of the prepaid assessment bears to the total amount of unpaid assessments originally securing the Bonds. This reduction in the amount of principal prepaid shall be balanced by a transfer from the special reserve fund to the redemption fund in the same amount. 3 C. The amount maintained in the special reserve fund will never exceed the Reserve Requirement. Proceeds of investment of the special reserve fund shall be deposited in the investment earnings fund. D. When the amount in the special reserve fund equals or exceeds she amount required to retire the remaining unmatured bonds (whether by advance retirement or otherwise) , the amount of the special reserve fund shall. be transferred to the redemption fund, and the remaining installments of principal and interest not yet due from assessed property owners shall be cancelled without payment. Section 5.4 . INVESTMENT EARNINGS FUND.. Proceeds of the investment of amounts in the special reserve fund will be deposited in the investment earnings fund. As of September 2 of each year during the term of the bonds, the County Treasurer shall determine whether any portion of investment earnings must be rebated to the United States pursuant to Section 148 of the United States Internal Revenue Code and regulations adopted thereunder. Any amounts required to be rebated will be transferred to the arbitrage rebate fund, and the balance will be transferred as follows: (a) To the extent that the balance in the special reserve fund is less than the Reserve Requirement, a transfer will be made from the investment earnings fund to the special reserve fund. (b) The remaining balance in the investment earnings fund, if any, will be transferred to the redemption fund to be used, in the discretion of the County Treasurer, as a credit upon the annual installments of assessment or for the advance retirement of bonds. The County Treasurer is authorized to retain independent attorneys, accountants and other consultants to assist in complying with Federal requirements. 4 Section 5. 5. ARBITRAGE REBATE FUND. Amounts in the arbitrage rebate fund shall be invested in the same manner as Amounts in the other funds and shall be held in trust for rebate to the United States at the times required by Section 148 of the United States Internal Revenue Code and regulations adopted thereunder. Section 6. PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at the office of the Bank of America National Trust and Savings Association, Corporate Agency Division, P. O. Box 37000, San Francisco, California 94137. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner's address appearing on the register maintained by the registrar on the 15th day preceding the date of payment. Section 7. ADVANCE RETIREMENT OF BONDS. Any Bond or any portion thereof in the amount of $5, 000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days' notice by registered or certified mail or by personal service to the registered owner thereof at such owner' s address as it appears on the registration books of the Bank and by paying principal and accrued interest together with a premium equal to three percentum of the principal. Section 8. REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar. Upon reregistration, any bond may be replaced by one or more bonds of the same maturity and aggregate amount in denominations of $5000 or any integral multiple thereof. Section 9. COVENANTS. In the event of a default in the payment of any bond or any installment of interest thereon, bondholders shall have the remedies set forth in the Improvement Bond Act of 1915. In addition, the Board makes the following 5 covenants, which shall constitute a contract with the bondholders: Section 9. 1. FORECLOSURE OF LIENS. Not later than October 1 in any year, the County shall file an action in the Superior Court to foreclose the lien of each delinquent assessment if the sun, of uncured assessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the assessment installments posted to the tax roll for that fiscal year, and if the amount of the special reserve fund is less than the Reserve Requirement. Section 9. 2 . ARBITRAGE. During the term of the bonds, the County will make no use of bond proceeds which, if such use had been reasonably expected at the date the bonds are issued, could have caused the bonds to be "arbitrage bonds" within the meaning of Section 148 of the United States Internal Revenue Code of 1986, and regulations of the Internal Revenue Service adopted thereunder, and further shall rebate to the United States any amounts actually earned as arbitrage in accordance with the provisions of that Code and those .regulations. Section 9. 3 . MAINTENANCE OF TAX EXEMPTION. The County will take all reasonable actions required to maintain the status of interest on the bonds as excludable from gross income for federal income tax purposes and as exempt from the State of California personal income taxes. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 12th day of February, 1991. ATTEST: PHIL,BATCHELOR, Clerk of Board of Supervisors and County Administrator By_� 6 MATURITY SCHEDULE OF BONDS CONTRA COSTA Rancho Paraiso Assessment District 1990-1 Bonds mature on September 2 in the years and amounts, and bear interest at the annual rates, set forth below. YEAR FACE AMOUNT RATE(%) 1992 10, 000. 00 6. 000 1993 10, 000. 00 6.250 1994 10, 000. 00 6. 500 1995 20, 000. 00 6.750 1996 30, 000. 00 7. 000 1997 40, 000. 00 7.200 1998 55, 000. 00 7.400 1999 70, 000. 00 7.500 2000 85, 000. 00 7. 600 2001 100, 000. 00 7 .700 2002 115, 000. 00 7 .800. 2003 135, 000. 00 7.850 2004 160, 000. 0.0 7 . 900 2005 180, 000. 00 7.900 2006 205, 000. 00 8 . 000 2007 235, 000. 00 8. 000 2008 265, 000. 00 8. 000 2009 300, 000. 00 8. 100 2010 335, 000. 00 8. 100 2011 465, 000. 00 8 . 100 2012 515, 000. 00 8 . 100 2013 570, 000. 00 8.200 2014 630, 000. 00 8. 200 2015 695, 000. 00 8.200 2016 765, 000. 00 . 8 .200 TOTAL: 6, 000, 000. 00 EXHIBITA r United States of America State of California County of Contra Costa REGISTERED REGISTERED $ Number LIMITED OBLIGATION IMPROVEMENT BOND COUNTY OF CONTRA COSTA RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 SERIES NO. 1990-1 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER REGISTERED OWNER: PRINCIPAL SUM: DOLLARS Under and by virtue of the Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) , of the Streets and Highways Code, (the "Act") , the County of Contra Costa, State of California, (the "County") , will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the acquisition, work and improvements more fully described in proceedings taken pursuant to Resolution of Intention No. 91/26, adopted by the Board of Supervisors of the County of Contra Costa on the 1st day of January, 1991, pay to the registered owner stated above or registered assigns, on the maturity date stated above, the principal sum stated above, in lawful money of the United States of America and in like manner will pay interest from the interest payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date, in which event it -shall bear interest from such interest payment date, or unless this Bond is authenticated and registered prior to March 2 , 1992, in which event it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 .in each year commencing on March 2 , 1992 . Both the principal hereof and redemption premium hereon are payable at the principal corporate trust office of the Bank of America National Trust and Savings Association, or its successor, as Transfer Agent, Registrar and Paying Agent, in San Francisco, California, and the interest hereon is payable by check or draft mailed on each interest payment date to the owner hereof at the owner's address as it appears on the registration books of the Bank, or at such address as may have been filed with the Bank for that purpose, as of the fifteenth day immediately preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN. This Bond will continue to bear interest after maturity at the rate above stated, provided, it is presented at maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in said redemption fund with which to pay same. If it isnot presented at maturity, interest thereon will run until maturity. This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance of Bonds (the "Resolution of Issuance") , or become valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed shall have been dated and signed by the Bank. EXHIBITS r IN WITNESS WHEREOF, said County of Contra Costa has caused this Bond to be signed in facsimile by the County Treasurer of said County and by its Clerk of the Board, and has caused its corporate seal to be reproduced in facsimile hereon all as of the 27th day of February, 1991. COUNTY OF CONTRA COSTA Clerk of the Zoard Treasur,-r (SEAL) CERTIFICATE OF AUTHENTICATION AND REGISTRATION This is one of the Bonds described in the within mentioned Resolution of Issuance, which has been authenticated and registered on BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION as paying agent, transfer agent and registrar By. Authorized Officer 2 h N r (REVERSE OF BOND) LIMITED OBLIGATION IMPROVEMENT BOND COUNTY OF CONTRA COSTA • RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 SERIES NO. 1990-1 ADDITIONAL PROVISIONS OF THE BOND This Bond is one of several annual series of bonds, of like date, tenor and effect, but differing in amounts, maturities and interest rates, issued by the County of Contra Costa under the Act and the Resolution of Issuance, for the purpose of providing means for paying for the improvements described in said proceedings, and is secured by the moneys in said redemption fund , and by the unpaid portion of said assessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner's attorney duly authorized in writing, at said office of the Bank, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this Bond. Upon such transfer, a new registered Bond or Bonds, of any authorized denomination or denominations, of the same maturity, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Bonds shall be registered only in the name of an individual (including joint owners) , . a corporation, a partnership or a trust. Neither the County nor the Bank shall be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immediately preceding any interest payment date. The County will not obligate. itself to advance available funds from the County treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the County from, in its sole discretion, so advancing funds. The County and the Bank may treat the registered owner hereof as the absolute owner for all purposes, and the County and the Bank shall not be affected by any notice to the contrary. This Bond or any portion of it in the amount of $5, 000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days' notice by registered or certified mail or by. personal service to the registered owner hereof at such owner's address as it appears on the registration books of the Bank and by paying principal and accrued interest together with a premium equal to three percentum of the principal. I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a professional corporation, Emeryville, California, on file in my office. Clerk of the Board of Supervisors 3 RESOLUTION NO. 91/110 RESOLUTION ORDERING SALE OF BONDS RANCHO PARAISO ASSESSMENT DISTRICT NO. 1990-1 The Board of Supervisors of the County of Contra Costa resolves: The Board of Supervisors accepts the offer of Mark Pressman Associates (attached to this resolution and by reference incorporated in it) to purchase all of the improvement bonds to be issued in Rancho Paraiso Assessment District No. 1990-1. The Board of Supervisors directs the sale and delivery of the bonds to the offeror in accordance with the terms and conditions stated in the offer. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 12th day of February, 1991. ATTEST: PHIL BATCHELOR, Clerk of Board of Supervisors and County Administrator By RESOLUTION 91/110 coo VV