OB Reso 2017-06 Approving Issuance of Refunding Bonds

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WHEREAS, the Successor Agency by its resolution adopted on 2017 (the "Successor Agency Resolution")approved the issuance of the Refunding Bonds pursuant to Section 34177.5(a)(1); WHEREAS, in the Successor Agency Resolution,the Successor Agency approved the issuance of the Refunding Bonds and authorized 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"); WHEREAS, in the Successor Agency Resolution,the Successor Agency also requested that this Oversight Board direct the Successor Agency to undertake the refunding proceedings and approve the issuance of the Refunding Bonds pursuant to the Successor Agency Resolution and the Indenture and that this 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; and WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to Raymond James &Associates, Inc. (the "Original Purchaser")pursuant to the terms of a bond purchase agreement to be entered into by the Successor Agency and the Original Purchaser; WHEREAS, this Oversight Board has completed its review of the refunding proceedings and the Debt Service Savings Analysis and wishes at this time to give its approval to the foregoing; NOW THEREFORE,THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals. The Recitals set forth above are true and correct and are incorporated into this Resolution by this reference. Section 2. Ratification and Adoption of Successor Agency Resolution. The Successor Agency Resolution is hereby ratified and approved as set forth in the recitals above. Section 3. Determination of Savino. This Oversight Board has determined that there are significant potential savings available to the Successor Agency and to applicable taxing entities in compliance with the Savings Parameters by the issuance by the Successor Agency of the Refunding Bonds to refund and defease the Prior Bonds, all as evidenced by the Debt Service Savings Analysis on file with the Secretary of the Oversight Board,which Debt Service Savings Analysis is hereby approved. Section 4. Direction and Approval of Issuance of the Bonds. As authorized by Section 34177.5(f), the Oversight Board hereby directs the Successor Agency to undertake the refunding proceedings and as authorized by Section 34177.5(f)and Section 34180,this Oversight Board hereby directs and approves the issuance by the Successor Agency of the Refunding Bonds pursuant to Section 34177.5(a)(1) and under other applicable provisions of the Law and the Refunding Law and as provided in the Successor Agency Resolution and the Indenture in the aggregate principal amount of not to exceed $23,000,000, provided that the 2