Assessment District No. 117
The Assessment District is located in the central portion of the City south of State Highway 1 between Avocado Avenue and Carnation Avenue. There are 187 parcels in the Assessment District with unpaid assessments securing the Bonds. The property in the Assessments District is zoned residential and commercial and all 187 parcels with unpaid Assessments have been developed.
Bond proceeds will primarily be used to provide financing to underground power, telephone and cable facilities in Improvement Area. The proposed underground utility improvements will provide conversion to an upgraded utility system and will enhance neighborhood aesthetics, safety and reliability.
Schedule of Sources and Uses:
| SOURCES: | |
| Par Amount of Bonds |
$2,955,000.00 |
| Less Net Original Issue Discount |
(383.85) |
| Less Underwriter's Discount |
(26,476.80) |
| Total Sources |
$2,928,139.35 |
| USES: | |
| Improvement Fund (1) |
$2,677,266.54 |
| Cost of Issuance Fund (2) |
94,000.00 |
| Interest Account (3) | 9,122.81 |
| Reserve Fund |
147,750.00 |
|
Total Uses |
$2,928,139.35 |
(1) Amounts to be used to finance the construction of the Improvements.
(2) Includes costs of issuance, such as Fiscal Agent, Bond Counsel and Disclosure Counsel fees and costs, printing costs and other related costs for the issuance of Bonds, reimbursable expenses of the City, certain upfront design and engineering costs and the costs of the formation of the Assessment District.
(3) To fund interest on the Bonds through approximately September 2, 2018.