Laserfiche WebLink
Issuance of 2018 Tax Allocation Refundin Bonds December 20, 2017 <br />specifies the price and interest rates at which the underwriter will purchase the Refunding Bonds, <br />which will be determined on the pricing date, and the documents that will be executed at closing. <br />Fiscal Impacts <br />The par value of the Refunding Bonds will not exceed $23 million and they will mature in 2038, <br />the same as the issue being refunded. The Refunding Bonds are projected to have an all -in true <br />interest cost of about 2.90% in today's market. Annual debt service savings on the Refunding <br />Bonds compared to the 2008 TABs being refunded are projected to be over $400,000 annually, <br />for total net present value savings of just over $4.5 million. These savings numbers are just <br />projected estimates at this time, based on current market rates, and will not be finalized until the <br />Refunding Bonds price in March 2018. The taxing entities will receive proportional amounts of <br />the present value savings as indicated in the table above. <br />ATTACHMENTS <br />Attachments to Staff Report <br />• Irrevocable Refunding Instructions re 2008 Bond <br />• Indenture of Trust — San Leandro SA 2018 Bonds <br />• San Leandro SABPA <br />CONCLUSION <br />Staff recommends that the Oversight Board of the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro approve the resolution and to direct the Successor Agency staff <br />to take all necessary actions to issue the Successor Agency to the Redevelopment Agency of the <br />City of San Leandro 2018 Tax Allocation Refunding Bonds. <br />PREPARED BY: Katie Bowman, Economic Development Manager, Community Development <br />Department <br />2902638.1 <br />