RES 88015 - Laserfiche WebLink

that the property owrters will be financially able to pay the annual assessment installments or that they will pay such installments even if financially able to do so. The ownership of a majority of the property (ten of the twelve parcels) in the Assessment District is by Patrician Associates, Inc. and Koll Bernal Avenue Associates, a joint venture. The remaining parcels are owned by NCR Co oration and by Kids Unlimited, Inc. Jointly the three entities are the pro erty owners ~the "Property Owners") within the Assessment District. The failure of the F/operty Owners to pay their assessment installment~ in a timely manner could result in the raid total depletion of the Reserve Fund prior to reimbursement from resales of property ~llowing foreclosure proceedin s or delinquency redemptions. Assessment Parcel No. 8 is currently being subdivided into t~ree lots, and one its political subdivisions; nor ~s the full f~ its · ith and credit of the City, the pohtical subdivisions pledged to the payment of the Bonds. Prior Assessments The assessments 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 existing and future private liens and over all fixed special assessment liens which may thereafter be created against the property. Such lien is co-equal to and independent of the lien for general property taxes. TABLE 1 PRIOR OUTSTANDING ASSESSMENT BONDS Amount Original Outstanding Date of Issue As of Name of Issue Issue Amount January l, 1988 Assessment District May 1, 1986 $468,572 $467,473 No. 1986-4, North Pleasanton Fire Protection Refunding District Assessment District May 15, 1986 $5,115,000 $4,755,000 No. 1986-6, Koll Center Refunding District Assessment Installments Installments sufficient to meet annual pa..~nents of principal of and interest on the ( nterest due on the Bonds September 2, 1988 wilFbe pa~d from Bond proceeds.) These annual installments are to be paid into the Redemption Fund which will be held by the City and used to ay the principal of and interest on the Bonds as they become due. The installment bi~le~d such property's pro rata each year share of against each property represents