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City of San Leandro <br />Meeting Date: April 2, 2018 <br />Staff Report <br />Agenda Section:File Number:18-139 ACTION ITEMS <br />Agenda Number:10.A. <br />TO:City Council <br />FROM:Jeff Kay <br />Interim City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolution to Approve the Successor Agency to the <br />Redevelopment Agency of the City of San Leandro 2018 Tax Allocation <br />Refunding Bonds <br />Staff recommends that City Council acting as the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro (Successor Agency) approve the Preliminary Official <br />Statement (POS) for the Successor Agency’s Alameda County - City of San Leandro <br />Redevelopment Project Tax Allocation Refunding Bonds, Series 2018A (Series A Bonds) and <br />Alameda County - City of San Leandro Redevelopment Project Tax Allocation Refunding Bonds, <br />Series 2018B (Federally Taxable) (Series B Bonds, and, collectively, Refunding Bonds). <br />Authorization for issuance of the Refunding Bonds occurred on 12/18/17. Staff also recommends <br />that City Council acting as the Successor Agency, the San Leandro Public Financing Authority <br />and the City of San Leandro Parking Authority approve the adoption of a debt management <br />policy, as now required by State law. <br />DISCUSSION <br />On 12/18/17, the City acting as the Successor Agency approved the resolutions and documents <br />required to issue the Refunding Bonds, which will be issued to refund $22,860,000 of currently <br />outstanding Redevelopment Agency of the City of San Leandro Alameda County-City of San <br />Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (2008 TABs). The par, or <br />face value of the Refunding Bonds will not exceed $23 million and they will mature in 2038, which <br />is the existing final maturity of the 2008 TABs. Annual debt service on the Refunding Bonds will <br />not exceed the annual debt service currently payable on the outstanding 2008 TABs. The <br />approval on 12/18/17, was required first so that the State Department of Finance could then be <br />requested by the Successor Agency to approve the Refunding Bonds and the Oversight Board’s <br />approval thereof, which the State Department of Finance did via a letter dated 1/31/18. The next <br />steps are to approve the POS, apply for a rating, price the refunding around the week of 5/7, <br />close the refunding the week of 6/4 and call the 2008 TABs to be refunded on 9/1/18. <br />The Refunding Bonds are currently estimated to be $19,070,000 tax-exempt Series A Bonds and <br />Page 1 City of San Leandro Printed on 3/27/2018 <br />88