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Reso 2012-121
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Reso 2012-121
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11/21/2012 10:02:53 AM
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11/21/2012 10:02:53 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
11/19/2012
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10A Action 2012 1119
(Reference)
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 1119
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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2012-121 <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> APPROVING DOCUMENTS AND ACTIONS RELATING TO <br /> THE REFINANCING OF 2001 CERTIFICATES OF PARTICIPATION AND <br /> THE 2003 CERTIFICATES OF PARTICIPATION <br /> WHEREAS, the City of San Leandro (the "City ") has previously caused the execution <br /> and delivery of its (a) 2001 Certificates of Participation (Joint Project Area Financing) in the <br /> aggregate initial principal amount of $5,020,000 (the "2001 Certificates ") for the purpose of <br /> financing certain capital projects within or benefit to the Joint Project Area of the <br /> Redevelopment Agency of the City of San Leandro and (b) 2003 Certificates of Participation <br /> (City Hall Refinancing Project) in the aggregate initial principal amount of $12,550,000 (the <br /> "2003 Certificates ") for the purpose of refunding, on a current basis, the City of San Leandro <br /> Certificates of Participation (1993 Seismic Retrofit Financing Project), which were executed and <br /> delivered to finance improvements to the City Hall of the City and to refund, on an advance <br /> basis, the Parking Authority of the City of San Leandro 1982 Parking Lease Revenue Bonds, <br /> which were issued to finance certain parking improvements for the City; and <br /> WHEREAS, in order to take advantage of prevailing bond market conditions, the City <br /> Council wishes to authorize the refinancing of the 2001 Certificates and the 2003 Certificates <br /> (collectively, the "Prior Certificates "); and <br /> WHEREAS, to that end, the City has proposed to lease the real property constituting its <br /> City Hall, including land and improvements (the "Leased Property ") to the San Leandro Public <br /> Financing Authority (the "Authority ") in consideration of the payment by the Authority of an <br /> upfront rental payment which is sufficient to provide funds to refinance the Prior Certificates; <br /> and <br /> WHEREAS, in order to raise funds for such purpose, the Authority proposes to issue and <br /> sell its San Leandro Public Financing Authority 2013 Refunding Lease Revenue Bonds in the <br /> aggregate principal amount of not to exceed $14,500,000 (the "Refunding Bonds ") under Article <br /> 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, <br /> commencing with Section 6584 of said Code (the "Bond Law "); and <br /> WHEREAS, in order to secure the payments of principal of and interest on the <br /> Refunding Bonds, the Authority proposes to lease the Leased Property back to the City under a <br /> Lease Agreement (the "Lease Agreement "), under which the City is obligated to pay semiannual <br /> lease payments as rental for the Leased Property, and the Authority will assign substantially all <br /> of its rights under the Lease Agreement to U.S. Bank National Association, as trustee for the <br /> Refunding Bonds; and <br />
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