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File Number: 17-701 <br />municipal advisor, Kitahata & Company (the “Municipal Advisor”), to prepare an analysis of the <br />potential savings that will accrue to the Successor Agency and to applicable taxing entities as a <br />result of the use of the proceeds of the Refunding Bonds to repay the Prior Bonds and, thereby, to <br />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 Association, <br />as trustee, providing for the issuance of the Refunding Bonds (the “Indenture”), and the Irrevocable <br />Refunding Instructions to be delivered to U.S. Bank National Association, as trustee of the Prior <br />Bonds, to be dated as of the date of the issuance and delivery of the Refunding Bonds (the <br />“Refunding Instructions”), and a bond purchase agreement (the “Purchase Agreement”) between <br />the Successor Agency and the Original Purchaser (as defined below); <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 the <br />Successor Agency to undertake the refunding proceedings and to approve the issuance of the <br />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 undertaking <br />the refunding proceedings and the issuance of the Refunding Bonds; <br />WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to <br />Raymond James & Associates, Inc. (in such capacity, together with any other underwriter <br />selected by the Authorized Officers to serve as a co-manager, the “Original Purchaser”) pursuant <br />to the terms of the Purchase Agreement; <br />WHEREAS, following approval by the Oversight Board of the issuance of the Refunding <br />Bonds by the Successor Agency and upon submission of the Oversight Board Resolution to the <br />California Department of Finance, the Successor Agency will, with the assistance of Jones Hall, A <br />Professional Law Corporation, as Disclosure Counsel (“Disclosure Counsel”), the Municipal <br />Advisor, and Urban Analytics LLC, as Fiscal Consultant (“Fiscal Consultant”), cause to be <br />prepared a form of Official Statement for the Refunding Bonds describing the Refunding Bonds <br />and containing material information relating to the Successor Agency and the Refunding Bonds, <br />the preliminary form of which will be submitted to the Successor Agency for approval for <br />distribution by the Original Purchaser, as underwriter of the Refunding Bonds, to persons and <br />institutions interested in purchasing the Refunding Bonds. <br />NOW, THEREFORE, the Successor Agency to the Redevelopment Agency of the City of <br />San Leandro RESOLVES as follows: <br />1. Determination of Savings. The Successor Agency has determined that there are significant <br />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 <br />Page 2 City of San Leandro Printed on 12/12/2017 <br />512