Laserfiche WebLink
City of San Leandro <br />Meeting Date: October 17, 2016 <br />Resolution - Council <br />Agenda Section:File Number:16-512 ACTION ITEMS <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION of the City Council of the City of San Leandro Approving <br />Documents and Actions Relating to the Refinancing of 2007 Certificates of <br />Participation <br />WHEREAS, the City of San Leandro (the “City”) has previously caused the execution and <br />delivery of its 2007 Certificates of Participation (Library and Fire Stations Refunding Project) in <br />the aggregate initial principal amount of $23,425,000 (the “2007 Certificates”) for the purpose <br />of refinancing certain capital projects of the City, including improvements to the City’s main <br />library building and the acquisition and construction of two fire stations; and <br />WHEREAS, in order to take advantage of prevailing bond market conditions, the City Council <br />wishes to authorize the refinancing of the 2007 Certificates; and <br />WHEREAS, to that end, the City has proposed to lease the real property constituting its main <br />library building, including both land and improvements (the “Leased Property”) to the San <br />Leandro Public Financing Authority (the “Authority”) in consideration of the payment by the <br />Authority of an upfront rental payment which is sufficient to provide funds to refinance the <br />2007 Certificates; and <br />WHEREAS, in order to raise funds for such purpose, the Authority proposes to issue and sell <br />its San Leandro Public Financing Authority 2016 Refunding Lease Revenue Bonds in the <br />aggregate principal amount of not to exceed $15,800,000 (the “Refunding Bonds”) under <br />Article 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, <br />commencing with Section 6584 of said Code (the “Bond Law”); and <br />WHEREAS, in order to secure the payments of principal and interest on the Refunding Bonds, <br />the Authority proposes to lease the Leased Property back to the City under a Lease <br />Agreement (the “Lease Agreement”), whereby the City is obligated to pay semiannual lease <br />payments as rental for the Leased Property, and the Authority will assign substantially all of its <br />Page 1 City of San Leandro Printed on 10/11/2016