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8D Consent 2007 0416
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8D Consent 2007 0416
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Last modified
5/4/2007 12:38:04 PM
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4/12/2007 12:16:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/16/2007
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PERM
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_CC Agenda 2007 0416
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
PFA Reso 2007-002
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
Reso 2007-053
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
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<br />Refunding of the 1999 Certificates <br /> <br />Page 3 of 5 <br /> <br />fund, then the amount of COPs issued will be reduced to $23,640,000 and the annual savings <br />will increase to approximately $260,000. The City will review this option if the bond insurance <br />company offers the City the opportunity to purchase a surety bond in lieu of providing a cash <br />reserve fund. <br /> <br />Bond Documents <br />In order to proceed with the financing, it is necessary that the City Council approve the execution <br />of certain legal documents including a Lease Agreement, a Site and Facility Lease, a Trust <br />Agreement, and an Escrow Agreement; authorizing the competitive sale of the certificates and <br />directing the Director of Finance to accept the lowest bid; approving the Official Statement in <br />substantially final form; and authorizing other related actions in connection with the financing. <br />It is also necessary for the San Leandro Public Financing Authority (the "Authority") to adopt a <br />resolution directing the execution of certain legal documents. The following is a brief <br />description of each document'that the City Council and the Authority are being asked to approve <br />by resolution. A complete copy of the documents are on file with the City Clerk and members of <br />the City Council. <br /> <br />Site and Facility Lease. The Site and Facility Lease is between the City, as Lessor, and the <br />Authority, as lessee. This is the agreement that leases the Leased Premises (i.e., Library) to the <br />Authority. This agreement specifies the terms and agreements of the lease of the Leased <br />Premises. <br /> <br />Lease Agreement. This agreement is between the Authority, as Sublessor and the City, as <br />Sublessee. This agreement specifies the terms and agreements of the sublease of the Leased <br />Premises (the library), term of payments, amount of payments, responsibility for the maintenance <br />of the Leased Premises, etc. during the term (twenty-two years) ofthe agreement. <br /> <br />Trust Agreement. The Trust agreement (the "Agreement") is among the Authority, the City <br />and U.S. Bank National Association, the Trustee (the "Trustee"). Pursuant to the Agreement, the <br />Trustee is given the authority to receive, hold, invest and disburse the monies paid to it for credit <br />to the various funds and accounts established under the Agreement; to execute and deliver the <br />Refunding Certificates; and to apply and disburse the payments to the owners of the Refunding <br />Certificates. It sets forth the guidelines for the administration, investment and treatment of <br />investment earnings generated by each fund and account. The Agreement obligates the City to <br />pay compensation to the Trustee for services rendered under the Agreement. <br /> <br />Assignment Agreement. This agreement is between the Authority and the Trustee. In this <br />agreement the Authority assigns all its rights under the Lease Agreement to the Trustee. For <br />example, rather than the City making semi-annual payments to the Authority and the Authority <br />paying the Refunding Certificate holders, the City will make its payments directly to the Trustee <br />and the Trustee will pay the Refunding Certificate holders. <br /> <br />Escrow Agreements. These documents are between the City and U.S. Bank National <br />Association as the Escrow Agent for the 1999 Certificates. The Escrow Agreement provides for <br />the receipt and investment of the monies to defease the 1999 Certificates on their first call date of <br />November 1,2009. <br />
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