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City of San Leandro <br />Meeting Date: November 5, 2018 <br />Resolution - Council <br />Agenda Section:File Number:18-540 ACTION ITEMS <br />Agenda Number: <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:RESOLUTION of the City Council of the City of San Leandro to Approve <br />Documents and Actions Relating to the Issuance and Sale of 2018 Lease <br />Revenue Bonds by the San Leandro Public Financing Authority to Finance <br />Certain Capital Improvement Projects for the City <br />WHEREAS, the San Leandro Public Financing Authority (the “Authority”) has <br />previously issued its $14,125,000 San Leandro Public Financing Authority 2016 <br />Refunding Lease Revenue Bonds (the “2016 Bonds”) for the purpose of refinancing <br />certain capital projects of the City of San Leandro (the “City”), including improvements to <br />the City’s main library building and the acquisition and construction of two fire stations (the <br />“Prior Project”); and <br />WHEREAS, in connection with the issuance of the 2016 Bonds, the City leased the real <br />property constituting its main library building, including both land and improvements (the “Leased <br />Property”), to the Authority in consideration of the payment by the Authority of an upfront rental <br />payment sufficient to provide funds to refinance the Prior Project, and the Authority leased the <br />Leased Property back to the City under a Lease Agreement (the “Lease Agreement”), under <br />which the City is obligated to pay semiannual lease payments as rental for the Leased Property, <br />and the Authority has assigned substantially all of its rights under the Lease Agreement to U.S. <br />Bank National Association, as trustee (the “Trustee”); and <br />WHEREAS, in order to finance additional capital projects of the City, the Authority is <br />undertaking to issue its San Leandro Public Financing Authority 2018 Lease Revenue Bonds (the <br />“2018 Bonds”), which will be payable from the lease payments, as increased following issuance <br />of the 2018 Bonds, and certain other amounts payable by the City under the Lease Agreement for <br />the Leased Property; and <br />WHEREAS, the Authority will issue the 2018 Bonds in the aggregate principal amount, not <br />to exceed $22,000,000, under Article 4 of Chapter 5, Division 7, Title 1 of the Government Code <br />of the State of California, commencing with Section 6584 of said Code (the “Bond Law”); and <br />Page 1 City of San Leandro Printed on 10/30/2018