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City of San Leandro <br />Meeting Date: November 5, 2018 <br />Staff Report <br />Agenda Section:File Number:18-539 ACTION ITEMS <br />Agenda Number:10.A. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for City of San Leandro City Council RESOLUTIONS that Approve <br />the Issuance of San Leandro Public Financing Authority 2018 Lease Revenue <br />Bonds <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council and the Board of Directors of the San Leandro Public <br />Financing Authority (Authority) approve the resolutions and documents required to issue the San <br />Leandro Public Financing Authority 2018 Lease Revenue Bonds (2018 Bonds). The proposed <br />2018 Bonds will be issued to provide $20,000,000 of net bond proceeds to fund the City’s capital <br />improvement program, as described below. The par value of the 2018 Bonds will not exceed $22 <br />million, the true interest cost (TIC) will not exceed 5% and the final maturity date will not go beyond <br />November 1, 2048. <br />DISCUSSION <br />The $20 million in net proceeds of the 2018 Bonds will be combined with other appropriations to <br />fund the five capital improvement projects described in the table below. <br />Projects Est. Cost Bond Funding Est. Bid Opening <br />Police Bldg. & South Office $9,417,000 7,093,000*October 2018 <br />Mulford-Marina Library 3,800,000 2,500,000 September 2019 <br />Manor Park Competition Pool 5,800,000 5,600,000 March 2019 <br />Farrelly Pool 3,500,000 1,200,000 June 2019 <br />Casa Peralta Improvements 4,410,000* 3,607,000 August 2019 <br />$27,650,000 20,000,000 <br />*Amounts listed reflect changes requested as part of the Police Building / South Office project <br />award scheduled for November 5, 2018. <br />Page 1 City of San Leandro Printed on 10/30/2018