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Financial Management, Inc. (the "Financial Advisor"), to prepare an analysis of the potential savings that will accrue to the Successor Agency and to applicable taxing entities as a result of the use of the proceeds of the Refunding Bonds to repay the Prior Bonds and, thereby,to refund the Prior Bonds (the "Debt Service Savings Analysis"); WHEREAS,the Successor Agency desires at this time to approve the issuance of the Refunding Bonds and to approve the form of and authorize the execution and delivery of the Indenture of Trust, by and between the Successor Agency and U.S. Bank National Association, as trustee, providing for the issuance of the Refunding Bonds (the "Indenture"), the Irrevocable Refunding Instructions to be delivered to U.S. Bank National Association, as trustee of the Prior 2002 Bonds,to be dated as of the date of the issuance and delivery of the Refunding Bonds (the "Prior 2002 Refunding Instructions") and the Irrevocable Refunding Instructions to be delivered to U.S. Bank National Association, as trustee of the Prior 2004 Bonds, to be dated as of the date of the issuance and delivery of the Refunding Bonds (the"Prior 2004 Refunding Instructions" and together with the Prior 2002 Refunding Instructions, the "Refunding Instructions"); WHEREAS, pursuant to Section 34179, an oversight board (the "Oversight Board") has been established for the Successor Agency; WHEREAS,the Successor Agency is now requesting that the Oversight Board direct the Successor Agency to undertake the refunding proceedings and to approve the issuance of the Refunding Bonds pursuant to this Resolution and the Indenture; WHEREAS,the Successor Agency further requests that the Oversight Board make certain determinations described below on which the Successor Agency will rely in undertaking the refunding proceedings and the issuance of the Refunding Bonds; WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to Stifel, Nicolaus& Company, Incorporated(in such capacity, together with any other underwriter selected by the Authorized Officers to serve as a co-manager,the "Original Purchaser")pursuant to the terms of the Bond Purchase Agreement(the "Purchase Agreement")to be entered into by the Successor Agency and the Original Purchaser; WHEREAS, following approval by the Oversight Board of the issuance of the Refunding Bonds by the Successor Agency and upon submission of the Oversight Board Resolution to the California Department of Finance, the Successor Agency will, with the assistance of its Disclosure Counsel,the Financial Advisor and the Fiscal Consultant to the Successor Agency, cause to be prepared a form of Official Statement for the Refunding Bonds describing the Refunding Bonds and containing material information relating to the Successor Agency and the Refunding Bonds,the preliminary form of which will be submitted to the Successor Agency for approval for distribution by the Original Purchaser, as underwriter of the Refunding Bonds, to persons and institutions interested in purchasing the Refunding Bonds; NOW, THEREFORE, the Successor Agency to the Redevelopment Agency of the City of San Leandro RESOLVES as follows: 1. Determination of Savings. The Successor Agency has determined that there are significant potential savings available to the Successor Agency and to applicable taxing entities RESOLUTION NO.2014-002 SA 2