10A Action 2008 0602 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO OF NOT TO EXCEED $35,000,000 AGGREGATE PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO ALAMEDA COUNTY-CITY OF SAN LEANDRO REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 2008, AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO RESOLVED, by the City of San Leandro (the "City"), as follows: WHEREAS, the Redevelopment Agency of the City of San Leandro (the "Agency") proposes to issue its not to exceed $35,000,000 aggregate principal amount of County of Alameda -City of San Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (the "Bonds"), under and pursuant to the provisions of Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "Law") and other applicable laws, for the purpose of financing redevelopment activities within and of benefit to the Agency's County ofAlameda - City of San Leandro Redevelopment Project Area; and WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the City Council of the City of San Leandro prior to issuance of the Bonds; and WHEREAS, the City Council approves of the issuance of the Bonds as being in the public interests of the City of San Leandro and of the Agency; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Approval of Issuance of Bonds. The City Council of the City of San Leandro approves the issuance of the Bonds by the Agency, as herein above described. Section 2. Subordination. The City hereby agrees that the Agency's obligations with respect to the Bonds are superior to the City's right to receive payment for any amounts owed to it by the Agency, including any amounts owed by the Agency to the City pursuant to the Reimbursement Agreement, dated as of December 1, 2001, by and between the Agency and the City, and the City hereby expressly subordinates its rights to receive payments from the Agency to the payment of debt service on the Bonds.