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File Number: 14-241 <br />its Redevelopment Agency of the City of San Leandro West San Leandro /MacArthur <br />Boulevard Project Tax Allocation Bonds , Series 2004 (the “Prior 2004 Bonds” and together <br />with the Prior 2002 Bonds, the “Prior Bonds”) in the initial aggregate principal amount of <br />$5,500,000 for the purpose of financing redevelopment activities; <br />WHEREAS, Section 34177.5 authorizes the Successor Agency to issue refunding <br />bonds pursuant to Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of <br />Division 2 of Title 5 of the Government Code (the “Refunding Law”) for the purpose of <br />achieving debt service savings within the parameters set forth in Section 34177.5(a)(1) (the <br />“Savings Parameters”); <br />WHEREAS, to determine compliance with the Savings Parameters for purposes of the <br />issuance by the Successor Agency of its Successor Agency to the Redevelopment Agency of <br />the City of San Leandro 2014 Subordinate Tax Allocation Refunding Bonds (Redevelopment <br />Projects)(the “Refunding Bonds”), the Successor Agency has caused its financial advisor , <br />Public Financial Management, Inc. (the “Financial Advisor”), to prepare an analysis of the <br />potential savings that will accrue to the Successor Agency and to applicable taxing entities as <br />a result of the use of the proceeds of the Refunding Bonds to repay the Prior Bonds and, <br />thereby, to refund the Prior Bonds (the “Debt Service Savings Analysis”); <br />WHEREAS, the Successor Agency desires at this time to approve the issuance of the <br />Refunding Bonds and to approve the form of and authorize the execution and delivery of the <br />Indenture of Trust, by and between the Successor Agency and U .S. Bank National <br />Association, as trustee, providing for the issuance of the Refunding Bonds (the “Indenture”), <br />the Irrevocable Refunding Instructions to be delivered to U.S. Bank National Association , as <br />trustee of the Prior 2002 Bonds, to be dated as of the date of the issuance and delivery of the <br />Refunding Bonds (the “Prior 2002 Refunding Instructions”) and the Irrevocable Refunding <br />Instructions to be delivered to U.S. Bank National Association, as trustee of the Prior 2004 <br />Bonds, to be dated as of the date of the issuance and delivery of the Refunding Bonds (the <br />“Prior 2004 Refunding Instructions” and together with the Prior 2002 Refunding Instructions, <br />the “Refunding Instructions”); <br />WHEREAS, pursuant to Section 34179, an oversight board (the “Oversight Board”) has <br />been established for the Successor Agency ; <br />WHEREAS, the Successor Agency is now requesting that the Oversight Board direct <br />the Successor Agency to undertake the refunding proceedings and to approve the issuance of <br />the Refunding Bonds pursuant to this Resolution and the Indenture; <br />WHEREAS, the Successor Agency further requests that the Oversight Board make <br />certain determinations described below on which the Successor Agency will rely in <br />undertaking the refunding proceedings and the issuance of the Refunding Bonds; <br />WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to <br />Stifel, Nicolaus & Company, Incorporated (in such capacity, together with any other <br />underwriter selected by the Authorized Officers to serve as a co -manager, the “Original <br />Purchaser”) pursuant to the terms of the Bond Purchase Agreement (the “Purchase <br />Agreement”) to be entered into by the Successor Agency and the Original Purchaser ; <br />Page 2 City of San Leandro Printed on 6/10/2014