5A Public Hearing 2018 1203 - Laserfiche WebLink

Home

File Number: 18-607 bond market as long as they are outstanding, in accordance with SEC Rule 15c2-12. Current City Council Policy The City Council and Public Financing Authority must approve municipal debt issues that impact their financial position. Fiscal Impact The par value of the 2018 Bonds will not exceed $22 million and they will mature in 2048. The 2018 Bonds are projected to have an all-in true interest cost of 4.23% in today’s market. Annual debt service will average $872,000 while the 2016 Bonds are outstanding and then will increase to about $1,524,000 annually starting in 2030 when the 2016 Bonds are paid off. Total debt service for the 2018 Bonds is currently expected to be $38.5 million through 11/1/48. The total bond proceeds will add $20 million to available sources of funds for the 2017-18 budget and add debt service in each year starting in FY 2019-20 and continuing through FY 2048-49. Budget Authority City of San Leandro Charter Attachments: ·Resolution of the City Council of the City of San Leandro Confirming Resolution No. 2018-135 and Approving Documents and Actions Relating to the Issuance and Sale of 2018 Lease Revenue Bonds by the San Leandro Public Financing Authority to Finance Certain Capital Improvement Projects for the City ·Resolution of the Board of Directors of the San Leandro Public Financing Authority Confirming Resolution No. 2018-002 PFA and Authorizing the Issuance and Sale of 2018 Lease Revenue Bonds to Finance Capital Improvement Projects for the City of San Leandro, and Approving Related Documents and Official Actions CONCLUSION Staff recommends that the City Council and the San Leandro Public Financing Authority approve the resolutions and documents required to issue the San Leandro Public Financing Authority 2018 Lease Revenue Bonds. PREPARED BY: David Baum, Finance Director Page 6 City of San Leandro Printed on 11/27/2018