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10A Action 2009 1019
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10A Action 2009 1019
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Last modified
10/16/2009 9:59:03 AM
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10/16/2009 9:59:01 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
10/19/2009
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_CC Agenda 2009 1019
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\City Clerk\City Council\Agenda Packets\2009\Packet 2009 1019
Reso 2009-143
(Reference)
Path:
\City Clerk\City Council\Resolutions\2009
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Proposition lA Secaritization Program 3 October 19, 2009 <br />Proceeds of the Sale of the City of San Leandro's Proposition lA Receivable: <br />Upon delivery of the Proposition lA Bonds, California Communities will make available to the <br />City of San Leandro its fixed purchase price, which will equal 100% of the local agency's <br />Proposition lA Receivable. These funds may be used for any lawful purpose of the City of San <br />Leandro and are not restricted by the program. <br />Proposed Proposition lA Receivables Sale Resolution: <br />The proposed Proposition lA Receivables Sale Resolution: <br />1) Authorizes the sale of the City of San Leandro's Proposition lA Receivable to California <br />Communities for 100% of its receivable; <br />2) Approves the form, and directs the execution and delivery, of the Purchase and Sale <br />Agreement with California Communities and related documents; <br />3) Authorizes and directs any Authorized Officer to send, or to cause to be sent, an irrevocable <br />written instruction required by statute to the State Controller notifying the State of the sale of <br />the Proposition lA Receivable and instructing the disbursement of the Proposition lA <br />Receivable to the Proposition 1A Bond Trustee; <br />4) Appoints certain City of San Leandro officers and officials as Authorized Officers for <br />purposes of signing documents; and <br />S) Authorizes miscellaneous related actions and makes certain ratifications, findings and <br />determinations required bylaw. <br />Proposed Purchase and Sale A,~reement <br />The proposed Purchase and Sale Agreement: <br />1) Provides far the sale of the Proposition lA Receivable to California Communities; <br />2) Contains representations and warranties of the City of San Leandro to assure California <br />Communities that the Proposition lA Receivable has not been previously sold, is not <br />encumbered, that no litigation or other actions is pending or threatened to disrupt the <br />transaction and that this is an arm's length "true sale" of the Proposition lA Receivable; <br />3) Provides mechanics for payment of the Purchase Price; and <br />4) Contains other miscellaneous provisions. <br />Proposed Purchase and Sale A>reement Exhibits: <br />The proposed Proposition lA Purchase and Sale Agreement Exhibits: <br />(B1) Opinion of Counsel: This is an opinion of the counsel to the local agency covering basic <br />approval of the documents, litigation, and enforceability of the document against the <br />Seller. It will be dated as of the Pricing date of the bonds (currently expected to be <br />November 10, 2009). <br />G:\Council\2009-10 Reso]utions & Staff Reports\Proposition I A Securitization Program.docx <br />
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