Reassessment District No. 2012
On July 2, 2012, the City issued $13,583,436 million of bonds to refund and consolidate the following 14 existing Assessment Districts: No. 68, 69, 70, 74, 75, 78, 79, 82, 86, 92, 99-2, 100, 101 and 103 into one Reassessment District. All of the proceeds were escrowed for a period of 60 days and used in conjunction with approximately $4.04 million of existing funds from the districts to refund the prior bonds on September 2, 2012. The refunding bonds mature on September 2, 2025, and carry an interest rate of 2.26%.
Reassessment District No. 2012 consists of all of the parcels within the Assessment Districts mentioned above, which are non-contiguous districts with separate boundaries. The prior assessment districts were formed to finance the conversion of overhead electrical and communication facilities to underground locations. Click on prior assessment districts listed above to access that district's Engineer's Report.
Schedule of Sources and Uses:
| SOURCES: | |
| Bond Proceeds | |
| Par Amount |
$ 13,583,436 |
| Other Sources of Funds |
|
| Fund from existing districts |
4,038,297 |
| TOTAL SOURCES |
$ 17,621,733 |
| USES: | |
| Deposit to Current Refunding Fund |
$ 16,762,683 |
| Deposit to Debt Service Reserve Fund |
682,050 |
| Delivery Date Expenses |
177,000 |
| TOTAL USES |
$ 17,621,733 |