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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
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12/3/2018
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File Number: 18-607 <br />2018 Bonds will go up, but overall debt service will be about the same because of the lower <br />coupons. A debt service reserve fund will not be funded in this issue, because the City’s credit <br />strength should allow for a strong rating without needing a funded reserve. The City’s credit <br />strength also means that bond insurance is not expected to be necessary for this transaction. The <br />underwriter’s discount is a fee paid to the underwriter for structuring and marketing the 2018 <br />Bonds. The costs of issuance pay for legal, municipal advisor, trustee, printing, and other <br />issuance costs. <br />Update on Sale Process <br />On November 14, 2018, based on the authority provided by the resolutions adopted by the City <br />Council of the City and the Board of Directors of the Authority on November 5, 2018, Stifel priced <br />the 2018 Bonds, and entered into a Bond Purchase Agreement with the City and the Authority. A <br />public hearing of the City Council and the Board of Directors of the Authority to adopt resolutions <br />confirming authorization to issue the 2018 Bonds is necessary so an updated Bond Purchase <br />Agreement is presented and the 2018 Bonds will be re-priced for the week of December 3, <br />2018, or the following week (although this may change given market conditions). The closing <br />date for the 2018 Bonds, and receipt of funds by the City, is expected to occur in December. <br />California Government Code Disclosures <br />Sec. 5852.1 of the California Government Code provides that prior to authorization of the <br />issuance of bonds with a term greater than 13 months, the governing body of the issuer shall <br />disclose the information listed below at a public meeting. All disclosure is based on the <br />preliminary bond sizing used for the Sources and Uses of Funds, as of the 11/14/18 market with <br />no cushion. <br />(A) The all-in TIC of the 2018 Bonds, meaning the overall cost of debt, is currently expected to be <br />4.23%. <br />(B) The finance charge of the 2018 Bonds, meaning the total costs of issuance and underwriter’s <br />discount combined, is currently expected to be $231,262. <br />(C) The net proceeds of the 2018 Bonds, meaning net of all finance charges and any reserves or <br />capitalized interest, is expected to be $20,000,000. <br />(D) The total debt service on the 2018 Bonds is currently expected to be $38,474,511. <br />Authorizing Resolutions <br />The City and Authority must approve the following resolutions to issue the 2018 Bonds. <br />A Resolution of the City Council of the City of San Leandro Confirming Resolution No. <br />2018-135 and Approving Documents and Actions Relating to the Issuance and Sale of <br />2018 Lease Revenue Bonds - This resolution confirms the City Council’s actions in Resolution <br />No. 2018-135 and provides the Authority approval to issue the 2018 Bonds in an amount not to <br />exceed $22,000,000 and for an underwriter’s discount not to exceed 5.0%. It also approves and <br />authorizes City staff to execute the documents required to complete the financing transaction. <br />The City also makes the required findings of significant public benefit under the Bond Law and <br />ratifies any and all actions taken by an Authorized Officer (as defined in the resolution) and all <br />other officers of the City in connection with the issuance of the 2018 Bonds. <br />Resolution of the San Leandro Public Financing Authority Confirming Resolution No. <br />Page 4 City of San Leandro Printed on 11/27/2018
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