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Bonds"), the Successor Agency has caused its financial advisor, Public Financial Management, Inc. (the <br />"Financial Advisor"), to prepare an analysis of the potential savings that will accrue to the Successor <br />Agency and to applicable taxing entities as a result of the use of the proceeds of the Refunding Bonds to <br />repay the Prior Bonds and, thereby, to refund the Prior Bonds (the "Debt Service Savings Analysis"); <br />WHEREAS, the Successor Agency by its resolution adopted on June 16, 2014 (the "Successor <br />Agency Resolution") approved the issuance of the Refunding Bonds pursuant to Section 34177.5(a)(1); <br />WHEREAS, in the Successor Agency Resolution, the Successor Agency approved the issuance <br />of the Refunding Bonds and authorized the execution and delivery of the Indenture of Trust, by and <br />between the Successor Agency and U.S. Bank National Association, as trustee, providing for the issuance <br />of the Refunding Bonds (the "Indenture"); <br />WHEREAS, in the Successor Agency Resolution, the Successor Agency also requested that this <br />Oversight Board direct the Successor Agency to undertake the refunding proceedings and approve the <br />issuance of the Refunding Bonds pursuant to the Successor Agency Resolution and the Indenture and that <br />this Oversight Board make certain determinations described below on which the Successor Agency will <br />rely in undertaking the refunding proceedings and the issuance of the Refunding Bonds; <br />WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to Stifel, <br />Nicolaus & Company, Incorporated (in such capacity, together with any other underwriter selected by the <br />Authorized Officers (as such term is defined in the Successor Agency Resolution) to serve as a co- <br />manager, the "Original Purchaser") pursuant to the terms of the [Bond Purchase Agreement] to be entered <br />into by the Successor Agency and the Original Purchaser; <br />WHEREAS, following approval by the Oversight Board of the issuance of the Refunding Bonds <br />by the Successor Agency and upon submission of the Oversight Board Resolution to the California <br />Department of Finance, the Successor Agency will, with the assistance of its Disclosure Counsel, the <br />Financial Advisor and the Fiscal Consultant to the Successor Agency, cause to be prepared a form of <br />Official Statement for the Refunding Bonds describing the Refunding Bonds and containing material <br />information relating to the Successor Agency and the Refunding Bonds, the preliminary form of which <br />will be submitted to the Successor Agency for approval for distribution by the Original Purchaser, as <br />underwriter of the Refunding Bonds, to persons and institutions interested in purchasing the Refunding <br />Bonds; and <br />WHEREAS, this Oversight Board has completed its review of the refunding proceedings and the <br />Debt Service Savings Analysis and wishes at this time to give its approval to the foregoing; <br />NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO <br />THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO DOES HEREBY <br />RESOLVE AS FOLLOWS: <br />Section 1. Recitals. The Recitals set forth above are true and correct and are incorporated into <br />this Resolution by this reference. <br />Section 2. Determination of Savings. This Oversight Board has determined that there are <br />significant potential savings available to the Successor Agency and to applicable taxing entities in <br />compliance with the Savings Parameters by the issuance by the Successor Agency of the Refunding <br />Bonds to refund and defease the Prior Bonds, all as evidenced by the Debt Service Savings Analysis on <br />file with the Secretary of the Oversight Board, which Debt Service Savings Analysis is hereby approved. <br />-2- <br />