Reso 2012-121 - Laserfiche WebLink

Home

WHEREAS, in connection with the refinancing, the Authority, as lessor, and the City, as lessee, will enter into a Lease Agreement dated as of January 1, 2013 (the "2013 Lease Agreement"), pursuant to which the City will make lease payments, a portion of which relate to the refunding of the 2001 Certificates (the "2001 Refunding Lease Payments "), to the Authority; and WHEREAS, in order to entice the City to enter into the 2013 Lease Agreement and to obligate itself to make the 2001 Refunding Lease Payments, the Successor Agency desires to enter into an Amended and Restated Reimbursement Agreement (the "2013 Reimbursement Agreement"); and WHEREAS, the City Council wishes at this time to approve all proceedings to which it is a party relating to the issuance and sale of the Refunding Bonds and the refinancing of the Prior Certificates; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro as follows: SECTION 1. Issuance of Refunding Bonds. The City Council hereby approves the issuance of the Refunding Bonds by the Authority under the Bond Law in the maximum principal amount of $14,500,000, for the purpose of providing funds to refinance the Prior Certificates. SECTION 2. Approval of Related Financing Agreements. The City Council hereby approves each of the following agreements required for the issuance and sale of the Refunding Bonds and the refinancing of the Prior Certificates, in substantially the respective forms on file with the City Clerk together with any changes therein or additions thereto deemed advisable by the Mayor, City Manager, Assistant City Manager or the Finance Director (each, an "Authorized Officer "), whose execution thereof shall be conclusive evidence of the approval of any such changes or additions. An Authorized Officer is hereby authorized and directed for and on behalf of the City to execute, and the City Clerk is hereby authorized and directed to attest, the final form of each such agreement, as follows: • Site Lease, between the City as lessor and the Authority as lessee, under which the City leases the Leased Property to the Authority in consideration of the payment of an amount which will be applied by the City to refinance the Prior Certificates. • Lease Agreement, between the Authority as lessor and the City as lessee, under which the Authority leases the Leased Property back to the City and the City agrees to pay semiannual lease payments which are sufficient to provide revenues with which to pay principal of and interest on the Refunding Bonds when due; and • Refunding Instructions, one each for the 2001 Certificates and the 2003 Certificates, from the City and the Authority to U.S. Bank National RESOLUTION NO. 2012 -121 2