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CITY OF SAN LEANDRO 2012 TAXABLE PENSION OBLIGATION BONDS INTRODUCTION This introduction contains only a brief summary of certain of the terms of the Bonds being offered, and a brief description of the Official Statement. All statements contained in this introduction are qualified in their entirety by reference to the entire Official Statement. General The purpose of this Official Statement (which includes the cover page, inside cover page and the Appendices) is to provide information concerning the issuance of the captioned 2012 Taxable Pension Obligation Bonds (the "Bonds "). The City The City of San Leandro (the "City ") is located in central Alameda County, California, approximately 20 miles southeast of San Francisco. Its neighboring cities include Oakland and Hayward. The City was incorporated in 1872 and established as a charter city in 1978. The City has an area of 15 square miles. The estimated population of the City as of January 1, 2011 was 85,490. For other selected information concerning the City, see "APPENDIX A - City of Leandro General Demographic and Financial Information." Authority for the Bonds The Bonds are being issued pursuant to (i) the provisions of an Indenture of Trust, dated as of 1, 2012 (the "Indenture "), between the City and U.S. Bank National Association, as trustee (the "Trustee ") and (ii) a resolution of the City Council of the City, adopted a regularly scheduled meeting of the City Council on September 19, 2011, by a unanimous vote of the City Council members who were present (the "Resolution "). Purpose The proceeds of the sale of the Bonds will be used to (i) refund the City's outstanding "side fund" obligations to the California Public Employees' Retirement System ( "PERS ") with respect to the City's public safety plan, which are due pursuant to a contract between the City and the Board of Administration of PERS, effective July 1, 1944, as amended (the "PERS Contract "), and (ii) pay costs of issuance of the Bonds. See "PLAN OF FINANCING." Security for the Bonds The obligations of the City under the Bonds, including the obligation to make all payments of principal of and interest on the Bonds when due and the obligation of the City to make the deposits required for the security of the Bonds, are obligations of the City imposed by law and are absolute and unconditional, without any right of set -off or counterclaim.