Laserfiche WebLink
File Number: 18-539 <br />the documents that will be executed at closing. <br />Preliminary Official Statement - This document is the public offering statement for the issuance <br />of the 2018 Bonds. This document thoroughly describes the plan of finance, the public asset to be <br />leased (i.e., the Main library), the security for repayment of the 2018 Bonds, and the economic, <br />financial and social characteristics of the City. <br />Continuing Disclosure Certificate - This agreement obligates the City to continue providing <br />information regarding the City, the Authority, and the 2018 Bonds to the secondary municipal <br />bond market as long as they are outstanding, in accordance with SEC Rule 15c2-12. <br />Current City Council Policy <br />The City Council and Public Financing Authority must approve municipal debt issues that impact <br />their financial position. <br />Fiscal Impact <br />The par value of the 2018 Bonds will not exceed $22 million and they will mature in 2048. The <br />2018 Bonds are projected to have an all-in true interest cost of 4.46% in today’s market. Annual <br />debt service will average $931,000 while the 2016 Bonds are outstanding and then will increase <br />to about $1,540,000 annually starting in 2030 when the 2016 Bonds are paid off. Total debt <br />service for the 2018 Bonds is currently expected to be $39.45 million through 11/1/48. The total <br />bond proceeds will add $20 million to available sources of funds for the 2017-18 budget and add <br />debt service in each year starting in FY 2019-20 and continuing through FY 2048-49. Based on <br />current market conditions, debt service is expected to total approximately $39.5 million over the <br />next 30 years. <br />Budget Authority <br />City of San Leandro Charter <br />Attachments: <br />·A Resolution of the City Council of the City of San Leandro Approving Documents and Actions <br />Relating to the Issuance and Sale of 2018 Lease Revenue Bonds by the San Leandro Public <br />Financing Authority to Finance Certain Capital Improvement Projects for the City <br />·A Resolution of the Board of Directors of the San Leandro Public Financing Authority <br />Authorizing the Issuance and Sale of 2018 Lease Revenue Bonds to Finance Capital <br />Improvement Projects for the City of San Leandro, and Approving Related Documents and <br />Official Actions <br />·The following financing documents: <br />o First Amendment to Site Lease <br />o First Amendment to Lease Agreement <br />o First Amendment to Assignment Agreement <br />o First Supplemental Indenture of Trust <br />o Bond Purchase Agreement <br />o Preliminary Official Statement <br />Page 5 City of San Leandro Printed on 10/30/2018