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12/20/2017 City of San Leandro - File k 17-701 of the Government Code (the Inding Law") for the purpose of ; ing debt service savings within the parameters set fort[ action 34177.5(a)(1) (the "Savin,_ . _rameters"); WHEREAS, to determine compliance with the Savings Parameters for purposes of the issuance by the Successor Agency of its Successor Agency to the Redevelopment Agency of the City of San Leandro Alameda County - City of San Leandro Redevelopment Project 2018 Tax Allocation Refunding Bonds (the "Refunding Bonds"), the Successor Agency has caused its municipal advisor, Kitahata & Company (the "Municipal Advisor"), to prepare an analysis of the potential savings that will accrue to the Successor Agency and to applicable taxing entities as a result of the use of the proceeds of the Refunding Bonds to repay the Prior Bonds and, thereby, to refund the Prior Bonds (the "Debt Service Savings Analysis"), - WHEREAS, the Successor Agency desires at this time to approve the issuance of the Refunding Bonds and to approve the form of and authorize the execution and delivery of the Indenture of Trust, by and between the Successor Agency and U.S. Bank National Association, as trustee, providing for the issuance of the Refunding Bonds (the "Indenture"), and the Irrevocable Refunding Instructions to be delivered to U.S. Bank National Association, as trustee of the Prior Bonds, to be dated as of the date of the issuance and delivery of the Refunding Bonds (the "Refunding Instructions"), and a bond purchase agreement (the "Purchase Agreement") between the Successor Agency and the Original Purchaser (as defined below), - WHEREAS, pursuant to Section 34179, an oversight board (the "Oversight Board") has been established for the Successor Agency; WHEREAS, the Successor Agency is now requesting that the Oversight Board direct the Successor Agency to undertake the refunding proceedings and to approve the issuance of the Refunding Bonds pursuant to this Resolution and the Indenture; WHEREAS, the Successor Agency further requests that the Oversight Board make certain determinations described below on which the Successor Agency will rely in undertaking the refunding proceedings and the issuance of the Refunding Bonds; WHEREAS, the Successor Agency has determined to sell the Refunding Bonds to Raymond James & Associates, Inc. (in such capacity, together with any other underwriter selected by the Authorized Officers to serve as a co -manager, the "Original Purchaser") pursuant to the terms of the Purchase Agreement; WHEREAS, following approval by the Oversight Board of the issuance of the Refunding Bonds by the Successor Agency and upon submission of the Oversight Board Resolution to the California Department of Finance, the Successor Agency will, with the assistance of Jones Hall, A Professional Law Corporation, as Disclosure Counsel ("Disclosure Counsel"), the Municipal Advisor, and Urban Analytics LLC, as Fiscal Consultant ("Fiscal Consultant'), cause to be prepared a form of Official Statement for the Refunding Bonds describing the Refunding Bonds and containing material information relating to the Successor Agency and the Refunding Bonds, the preliminary form of which will be submitted to the Successor Agency for approval for distribution by the Original Purchaser, as underwriter of the Refunding Bonds, to persons and institutions interested in purchasing the Refunding Bonds. NOW, THEREFORE, the Successor Agency to the Redevelopment Agency of the City of San Leandro RESOLVES as follows: 1. Determination of Savings. The Successor Agency has determined that there are significant potential savings available to the Successor Agency and to applicable taxing entities in compliance with the Savings Parameters by the issuance by the Successor Agency of the Refunding Bonds to https://sanleandro.legistar.com/LegislationDetail.aspx?ID=3291060&GUID=17A1 B348-2633-4E46-8CEE-854FD69BFB24&FullText=1 215