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5A Public Hearing 2018 1203
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5A Public Hearing 2018 1203
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11/27/2018 7:58:40 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
12/3/2018
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File Number: 18-607 <br />The Financing Team <br />Staff has been working with the firms listed below to bring this financing transaction to the City <br />and the Authority for approval. The City resolution directs staff to enter into agreements for <br />services with Stifel, Jones Hall, and Kitahata & Company. Staff already has the authority to enter <br />into an agreement with the trustee. <br />Name of Firm Capacity <br />Stifel, Nicolaus & Company, Inc.Underwriter <br />Jones Hall, APLC Bond counsel and disclosure counsel <br />Kitahata & Company Municipal advisor <br />U.S. Bank, National Association Trustee <br />Stifel and Kitahata & Company were both chosen via separate requests for proposals (RFP) for <br />underwriters and municipal advisors. The primary reasons for the selection of both firms included <br />relevant experience, pricing, and structuring creativity. <br />Jones Hall has been the City’s bond counsel for more than three decades. Jones Hall ranks as <br />one of the top bond counsels in the number of state and local bond issues in California during <br />each of the past ten years, and similarly has ranked as one of the top disclosure counsels in <br />California during this same period. Proposals for disclosure counsel for the 2018 Bonds were <br />solicited through a RFP. <br />U.S. Bank is bond trustee for the City’s lease revenue bonds and certificates of participation. U.S. <br />Bank is one of the top five municipal bond trustees in the country. U.S. Bank also serves the City <br />with two local branch offices. <br />All fees associated with issuing the 2018 Bonds will be paid from bond proceeds. <br />Sources and Uses of Funds <br />Staff projects the following sources and uses of funds for the 2018 Bonds, from the underwriter’s <br />preliminary bond sizing numbers assuming interest rates as of 11/14/18 with no cushion and an <br />S&P underlying rating of AA-. <br />$19,255,000 Par amount of 2018 Bonds <br /> 976,262 Premium <br />$20,231,262 Total sources of funds <br />$20,000,000 Deposit to Project Fund <br /> 160,997 Costs of issuance & misc. <br /> 70,265 Underwriter’s discount <br />$20,238,262 Total uses of funds <br />Sources of funds include original issue premium on the 2018 Bonds because it is assumed that <br />coupons will be higher than yields - if this is not the case when the 2018 Bonds are finally priced <br />and coupons go lower to be closer to yields, the premium will go down and the par amount of <br />Page 3 City of San Leandro Printed on 11/27/2018
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