Reso 2011-167 - Laserfiche WebLink

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2011 -167 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO DESIGNATING FINANCIAL ADVISOR, UNDERWRITER, AND BOND COUNSEL FOR PENSION OBLIGATION BOND FINANCING WHEREAS, the City of San Leandro (the "City ") is a contracting member of the California Public Employees' Retirement System ( "PERS "), and under its contract with PERS the City is obligated to make certain payments to PERS in respect of retired public safety employees under the Side Fund program of PERS which amortizes such obligations over a fixed period of time (the "PERS Side Fund Obligations "); and WHEREAS, the City is authorized under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the "Bond Law "), to issue its bonds for the purpose of refunding certain outstanding obligations of the City, including the PERS Side Fund Obligations; and WHEREAS, in order to refund the PERS Side Fund Obligations and thereby realize interest savings, the City is considering issuing bonds (the "Bonds ") for the purpose of refunding the PERS Side Fund Obligations in whole or in part and, at this time, desires to appoint an underwriter and a bond and disclosure counsel to provide services in connection therewith; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro as follows: 1. Wedbush Securities Inc. ( "Wedbush ") is appointed as underwriter for the Bonds. City staff is hereby directed to work with Wedbush to structure the Bonds and, at the appropriate time and after further action by this City Council, to enter into a bond purchase agreement with Wedbush. 2. The financial advisory firm of Public Financial Management Inc. ( "PFM ") is hereby appointed as financial advisor to the City for the Bonds. The City Manager and the Finance Director, each acting alone, are hereby authorized to execute an agreement for financial advisory services with PFM that is consistent with the proposal previously submitted by PFM to the Finance Director. 3. The law firm of Jones Hall, A Professional Law Corporation ( "Jones Hall "), is appointed as bond counsel and disclosure counsel for the Bonds. The City Manager and the Finance Director, each acting alone, are hereby authorized to execute an agreement for legal services with Jones Hall that is consistent with the proposal previously submitted by Jones Hall to the Finance Director.