OB Reso 2014-02 Refunding Bonds
Successor Agency Oversight Board
OB Reso 2014-02 Refunding Bonds
10/16/2014 1:16:32 PM
10/16/2014 1:16:26 PM
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RESOLUTION NO. 2014-002 OB <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY <br />TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />APPROVING THE ISSUANCE OF REFUNDING BONDS, MAKING CERTAIN <br />DETERMINATIONS WITH RESPECT TO THE REFUNDING BONDS AND <br />PROVIDING OTHER MATTERS RELATING THERETO <br />WHEREAS, the Redevelopment Agency of the City of San Leandro (the "Former Agency") was <br />a public body, corporate and politic, duly established and authorized to transact business and exercise <br />powers under and pursuant to the provisions of the Community Redevelopment Law of the State of <br />California, constituting Part 1 of Division 24 of the Health and Safety Code of the State (the "Law"); <br />WHEREAS, pursuant to Section 34172(a) of the California Health and Safety Code (unless <br />otherwise noted, all Section references hereinafter being to such Code), the Former Agency has been <br />dissolved and no longer exists, and pursuant to Section 34173, the Successor Agency to the <br />Redevelopment Agency of the City of San Leandro (the "Successor Agency") has become the successor <br />entity to the Former Agency; <br />WHEREAS, pursuant to Section 34179, this Oversight Board has been established for the <br />Successor Agency; <br />WHEREAS, the Oversight Board is informed by the Successor Agency that in 1993, the Former <br />Agency issued its Redevelopment Agency of the City of San Leandro Plaza 1 and Plaza 2 Redevelopment <br />Project 1993 Tax Allocation Bonds, Series A (the "Prior 1993 Bonds") for the purpose of financing <br />redevelopment activities; <br />WHEREAS, the Oversight Board is further informed by the Successor Agency that in 2002, the <br />Former Agency issued its Redevelopment Agency of the City of San Leandro Plaza Redevelopment <br />Project Tax Allocation Bonds, Series 2002 (the "Prior 2002 Bonds") in the initial aggregate principal <br />amount of $15,935,000 for the purpose of financing redevelopment activities and of providing funds to <br />refinance the Prior 1993 Bonds; <br />WHEREAS, the Oversight Board is further informed by the Successor Agency that in 2004, the <br />Former Agency issued its Redevelopment Agency of the City of San Leandro West San <br />Leandro/MacArthur Boulevard Project Tax Allocation Bonds, Series 2004 (the "Prior 2004 Bonds" and <br />together with the, Prior 2002 Bonds, the "Prior Bonds") in the initial aggregate principal amount of <br />$5,500,000 for the purpose of financing redevelopment activities; <br />WHEREAS, Section 34177.5 authorizes the Successor Agency to issue refunding bonds <br />pursuant to Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of <br />the Government Code (the "Refunding Law") for the purpose of achieving debt service savings within the <br />parameters set forth in Section 34177.5(a)(1) (the "Savings Parameters"); <br />WHEREAS, to determine compliance with the Savings Parameters for purposes of the issuance <br />by the Successor Agency of its Successor Agency to the Redevelopment Agency of the City of San <br />Leandro 2014 Subordinate Tax Allocation Refunding Bonds (Redevelopment Projects)(the "Refunding <br />
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