1978-12 CRA - Laserfiche WebLink

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11 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 823 24 25 26 27 28 28 30 31 32 33 34 35 36 37 38 39 40 41 42 43 8"44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 .64 65 66 67 68 68 70 71 72 73 74 75 Proof of Fobr.ary 16, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 5- tion of public improvements, to repay city advances to the Project, to establish a bond reserve and to pay Gosts of Bond issuance. Payment of interest and principal on the 1978 Tax Allocation Bonds described herein is secured by a first and irrevocable pledge of all property taxes received from increased assessed valuations of the Project over such valuations recorded prior to adoption of the Redevelopment Plan and the amendment thereto for this Project (defined herein as the Tax Revenues), and all moneys set aside as a debt service reserve, subject, however, to permitted payments of "Surplus" Tax Revenues under the terms and conditions described herein and in the Resolution of the Agency providing for the issuance of these bonds. Since adoption of the Redevelopment Plan for the original Project area in July 1973, and for the amended Project area in July 1975, assessed valua- tions on all property in the Project have increased by $13,239,616 over the base year valuations. AI the tax rates applicable in 1977/78 to taxable property in the Project ($8,2870 per $100 assessed valuation on all property plus a minimum of $"3845 per $100 assessed valuation on land and improvements only), the Project will generate about $1,167,000 of Tax Revenues in the current 1977/78 fiscal year. As discussed on pages" " through.. of this offi- cial statement, it is anticipated that Project incremen- tal assessed valuation on all property will increase at least $3,861,272 by 1980/81 due to new develop- ment recently completed or in progress. This will result in an estimated minimum total incremental assessed valuation of $17,100,888 by 1980/81 and in each subsequent fiscal year" At this level, and assuming continuation of the 1977/78 tax rates discussed above, the Tax Revenues of $1,476,000 generated will cover estimated maximum annual interest and principal requirements on the 1978 Bonds by about 1.33 times. It is anticipated by the Agency that additional development will occur in the Project in future years but no projections of such development or resulting incremental assessed valu- ation have been made for the above computations, nor have increases in valuations of existing develop- ment been projected. (See Proposed Property Tax Limitation, Constitutional Amendment on page. ..) Tms Introduction does not purport to present the complete provisions of the bonds now being offered, their terms of sale, documents authorizing their issu- ance and other relevant data. Reference is hereby made to the Official Statement, Notice Inviting Bids, and Resolution No. "......".".. of the City of Santa Ana Community Redevelopment Agency for a complete recitation of such provisions and informa- tion. Tms Introduction is part of the Ofjicial State- menJ and should be read in confunction therewith.