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PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 9, 1987
<br />
<br />NEW ISSUE
<br />
<br />In the opinion of Special Counsel, based on existing statutes, regulations, rulings and court decisions and assuming, among other matters,
<br />compliance with certain covenants, the portion of each Base Rental Payment due under the Lease designated as and comprising interest
<br /> and received brJ the Owners of the Certificates is excluded from gross income for federal income tax purposes and is exempt
<br /> from California personal income taxes. Interest with respect to the Certificates is not a specific preference item for
<br /> purposes of the federal individual or corporate alternative minimum taxes, although Special Counsel
<br /> observes that it is included in adjusted net book income and adjusted current earnings in
<br /> calculating corporate alternative minimum taxable income. Special Counsel
<br /> expresses no opinion regarding other federal income tax consequences
<br /> relating to the accrual or receipt of interest with respect to the
<br /> Certificates. See "TAX EXEbt, PTION" herein.
<br />
<br /> $8,230,000
<br /> 1987 CERTIFICATES OF PARTICIPATION
<br /> Evidencing and Representing a Fractional Undivided Interest of the
<br /> Owners Thereof in Base Rental Payments to Be Made by the
<br />
<br /> CITY OF PLEASANTON
<br /> to the
<br /> City of Pleasanton Public Facilities Corporation
<br /> For Capital Projects I and II
<br />
<br />Dated: October 1, 1987 Due: October 1, as shown below
<br /> The Certificates are being sold to finance the construction of a water reservoir, with connecting pipeline, and the acquisition of an
<br />existing ot~ce building.
<br />
<br /> Interest represented by the Certificates is payable semiannually on April I and October I of each year, commencing April 1, 1988 by
<br /> k
<br />chec mailed to the registered owner thereof. Principal due with respect to the Certificates is payable at the principal corporate trust otBce of '
<br />Bank of America, National Trust and Savings Association, the Trustee, in San Francisco, California. The Certificates are deliverable as fully
<br />registered Certificates in denominations of $5,000 or any integral multiple thereof (not exceeding the principal amount maturing in any one
<br />year). The Certificates are subject to prepa~tment, as described herein, prior to their stated maturities.
<br />
<br /> The City has covenanted in the Lease to make all Rental Payments provided for therein to City of Pleasanton Public Facilities
<br />Corporation, the Lessor. subject to complete or partial abatement of such Rental Payments resulting from fiilure to complete construction in
<br />a timely manner or f~om substantial interference with use and possession by the City of the Project caused by material damage or destruction
<br />of the Project or condemnation thereof. The City has also covenanted in the Lease to take such action as may be necessary to include such
<br />Rental Payments in its annual budgets and to make the necessary annual appropriations therefor.
<br />
<br /> THE OBLIGATION OF THE CITY TO PAY RENTAL PAYMENTS DOES NOT CONSTITUTE A DEBT OF THE CITY, THE STATE OF
<br />CALIFORNIA OB ANY POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OB STATUTORY
<br />DEBT LIMITATION OB RESTRICTION NOR DOES IT CONSTITUTE AN OBLIGATION FOB WHICH THE CITY IS OBLIGATED TO
<br />I.EVY OR PLEDGE ANY FORM OF TAXATION OR FOB WHICH THE CITY HAS LEVIED OR PLEDGED ANY FORM OF TAXATION.
<br />
<br /> MATURITY SCHEDULE'
<br />
<br />Payment Payment
<br />Date Price or Date Price or
<br />(October i) Amount Yield (October 1) Amount Yield
<br />
<br /> 1988 ........................... $ 30,000 % 1994 ........................... $270,000 %
<br /> 1989 ........................... 105,000 1995 ........................... 285.000
<br /> 1990 ........................... 195,000 1996 ........................... 310,000
<br /> 1991 215,000 1997 335,000
<br /> 1992 ........................... 225,000 1998 ........................... 360,000
<br /> 1993 ........................... 245,000 1999 ........................... 390,000
<br />
<br /> $5,265,000 % Term Bonds Due October 1, 2008-- Price %
<br />
<br />The Certificates are offered when, as and if sold and received by the Underwriter, subject to approval br.t Special Counsel, Orrick, Herrington &
<br />Sutcliffe. San Francisco, California, and certain other conditions. Certain legal matters will be passed upon for the Underwriter by
<br /> Brown & Wood, San Francisco, California, and for the City by the City Attorney. It is anticipated that the Certificates in
<br /> definitive forth will be available for delivery in New York, New York, on or about October 1, 1987.
<br />
<br /> Rauscher Pierce Refsnes, Inc.
<br />Dated: September 1987
<br />
<br />* Subject to change.
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