OB Reso 2017-06 Approving Issuance of Refunding Bonds

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RESOLUTION NO. 2017-06 OB RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO APPROVING THE ISSUANCE OF REFUNDING BONDS,MAKING CERTAIN DETERMINATIONS WITH RESPECT TO THE REFUNDING BONDS AND PROVIDING OTHER MATTERS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of San Leandro(the "Former Agency")was a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the Health and Safety Code of the State (the "Law"); WHEREAS, pursuant to Section 34172(a) of the California Health and Safety Code (unless otherwise noted,all Section references hereinafter being to such Code),the Former Agency has been dissolved and no longer exists, and pursuant to Section 34173,the Successor Agency to the Redevelopment Agency of the City of San Leandro (the "Successor Agency")has become the successor entity to the Former Agency; WHEREAS,pursuant to Section 34179,this Oversight Board has been established for the Successor Agency; WHEREAS,the Oversight Board is informed by the Successor Agency that,prior to the dissolution the Former Agency,the Former Agency issued its Alameda County - City of San Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (the "Prior Bonds"),to provide moneys to finance redevelopment activities; WHEREAS, Section 34177.5 authorizes the Successor Agency to issue refunding bonds pursuant to Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code(the"Refunding Law") for the purpose of achieving debt service savings within the parameters set forth in Section 34177.5(a)(1) (the "Savings Parameters"); WHEREAS,to determine compliance with the Savings Parameters for purposes of the issuance by the Successor Agency of its Successor Agency to the Redevelopment Agency of the City of San Leandro Alameda County- City of San Leandro Redevelopment Project 2018 Tax Allocation Refunding Bonds(the"Refunding Bonds"), the Successor Agency has caused its municipal advisor, Kitahata& Company(the"Municipal 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"); 1