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File Number: 14-241 <br />delivered in part are in compliance with the Savings Parameters. The sale and delivery of the <br />Refunding Bonds in part will in each instance provide sufficient funds only for the refunding of <br />that portion of the Refunding Bonds that meet the Savings Parameters. In the event the <br />Refunding Bonds are initially sold in part, the Successor Agency intends to sell and deliver <br />additional parts of the Refunding Bonds without the prior approval of the Oversight Board <br />provided that in each such instance the Refunding Bonds so sold and delivered in part are in <br />compliance with the Savings Parameters. <br />10. Municipal Bond Insurance and Surety Bonds . The Authorized Officers, each <br />acting alone, are hereby authorized and directed to take all actions necessary to obtain a <br />municipal bond insurance policy for the Refunding Bonds and reserve account surety bonds <br />for the Refunding Bonds from a municipal bond insurance company if it is determined, upon <br />consultation with the Financial Advisor and the Original Purchaser , that such municipal bond <br />insurance policy and/or surety bonds will reduce the true interest costs with respect to the <br />Refunding Bonds. <br />11. Approval of Official Statement . Following approval by the Oversight Board of the <br />issuance of the Refunding Bonds by the Successor Agency and upon submission of the <br />Oversight Board Resolution to the California Department of Finance, the Successor Agency <br />will, with the assistance of its Disclosure Counsel, Fiscal Consultant and Financial Advisor , <br />cause to be prepared a form of Official Statement for the Refunding Bonds describing the <br />Refunding Bonds and containing material information relating to the Successor Agency and <br />the Refunding Bonds, the preliminary form of which will be submitted to the Successor Agency <br />for approval for distribution by the Original Purchaser to persons and institutions interested in <br />purchasing the Refunding Bonds. <br />12. Official Actions. The Authorized Officers and any and all other officers of the <br />Successor Agency are hereby authorized and directed , for and in the name and on behalf of <br />the Successor Agency, to do any and all things and take any and all actions, which they, or <br />any of them, may deem necessary or advisable in obtaining the requested approvals by the <br />Oversight Board and the California Department of Finance and in the issuance, sale and <br />delivery of the Refunding Bonds. Whenever in this Resolution any officer of the Successor <br />Agency is directed to execute or countersign any document or take any action, such <br />execution, countersigning or action may be taken on behalf of such officer by any person <br />designated by such officer to act on his or her behalf in the case such officer is absent or <br />unavailable. <br />13.Effective Date. This Resolution shall take effect from and after the date of approval <br />and adoption thereof. <br />Page 5 City of San Leandro Printed on 6/10/2014