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Reso 2007-053
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Reso 2007-053
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Last modified
4/20/2007 10:11:25 AM
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4/20/2007 10:11:24 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
4/16/2007
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PERM
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8D Consent 2007 0416
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
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<br />IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> <br />RESOLUTION NO. 2007-053 <br /> <br />(2851) <br /> <br />RESOLUTION AUTHORIZING THE EXECUTION AND DELNERY OF NOT TO EXCEED <br />$26,000,000 CITY OF SAN LEANDRO 2007 CERTIFICATES OF PARTICIPATION <br />(LIBRARY AND FIRE STATIONS REFUNDING PROJECT), AUTHORIZING AND <br />DIRECTING EXECUTION OF RELATED LEASE FINANCING DOCUMENTS, TRUST <br />AGREEMENT, AND ESCROW AGREEMENT, APPROVING OFFICIAL STATEMENT <br />AND AUTHORIZING OFFICIAL ACTIONS <br /> <br />RESOLVED, by the City of San Leandro, California (the "City"), as follows: <br /> <br />WHEREAS, the San Leandro Public Financing Authority (the "Authority") and the City <br />have heretofore caused the execution and delivery of 1999 Certificates of Participation (Library <br />and Fire Stations Financing) (the "1999 Certificates") evidencing the direct, undivided fractional <br />interest of the owner hereof in lease payments to be made by the City as the rental for certain <br />property pursuant to a Lease Agreement dated as of May 1, 1999 (the "1999 Lease Agreement") <br />with the Authority; and <br /> <br />WHEREAS, the proceeds of the 1999 Certificates were used to provide certain capital <br />improvements to the City, including a library, a community center and two fire stations; and <br /> <br />WHEREAS, in order to provide funds to allow the City to prepay its obligations under <br />the 1999 Lease and to refund the 1999 Certificates, the City has agreed to lease certain real <br />property, consisting of the City's main library building (the "Leased Premises"), to the Authority <br />as provided in the Site Lease, as defined herein, and has further agreed to sublease the Leased <br />Premises back from the Authority pursuant to that certain Lease Agreement expected to be dated <br />as of May 1, 2007, by and between the Authority as sublessor and the City as sublessee (the <br />"Lease Agreement"); and <br /> <br />WHEREAS, the City proposes to assign and transfer certain of its rights under the Lease <br />Agreement to the Trustee and, in consideration of such assignment and the execution of a Trust <br />Agreement expected to be dated as of May 1, 2007 among the City, the Authority and U.S. Bank <br />National Association, as trustee (the "Trustee"), the Trustee has agreed to execute and deliver <br />2007 Certificates of Participation (Library and Fire Stations Refunding Project) in the aggregate <br />principal amount of not to exceed $26,000,000 (the "Certificates"), each evidencing a direct, <br />undivided fractional interest in the lease payments to be paid by the City pursuant to the Lease <br />Agreement; <br /> <br />WHEREAS, for purposes of the sale of the Certificates, Disclosure Counsel, as <br />hereinafter defined, has caused to be prepared an Official Statement describing the Certificates, <br />the preliminary form of which is on file with the City Clerk and the Members of the City <br />Council, with the aid of their staff, have undertaken such review of the Official Statement as <br />hereinafter described as is necessary to assure proper disclosure of all material facts relating to <br />the Certificates that are within the personal knowledge of Council members and the staff; <br />
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