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RESOLUTION NO. 2017-06 OB <br /> RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF <br /> 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 <br /> Agency")was a public body, corporate and politic, duly established and authorized to transact <br /> business and exercise powers under and pursuant to the provisions of the Community <br /> Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the Health <br /> and Safety Code of the State (the "Law"); <br /> WHEREAS, pursuant to Section 34172(a) of the California Health and Safety Code <br /> (unless otherwise noted,all Section references hereinafter being to such Code),the Former <br /> Agency has been dissolved and no longer exists, and pursuant to Section 34173,the Successor <br /> Agency to the Redevelopment Agency of the City of San Leandro (the "Successor Agency")has <br /> become the successor entity to the Former Agency; <br /> WHEREAS,pursuant to Section 34179,this Oversight Board has been established for <br /> the Successor Agency; <br /> WHEREAS,the Oversight Board is informed by the Successor Agency that,prior to the <br /> dissolution the Former Agency,the Former Agency issued its Alameda County - City of San <br /> Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (the "Prior Bonds"),to <br /> provide moneys to finance 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 <br /> Title 5 of the Government Code(the"Refunding Law") for the purpose of achieving debt service <br /> savings within the 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 <br /> issuance by the Successor Agency of its Successor Agency to the Redevelopment Agency of the <br /> City of San Leandro Alameda County- City of San Leandro Redevelopment Project 2018 Tax <br /> Allocation Refunding Bonds(the"Refunding Bonds"), the Successor Agency has caused its <br /> municipal advisor, Kitahata& Company(the"Municipal Advisor"),to prepare an analysis of the <br /> potential savings that will accrue to the Successor Agency and to applicable taxing entities as a <br /> result of the use of the proceeds of the Refunding Bonds to repay the Prior Bonds and,thereby, <br /> to refund the Prior Bonds (the"Debt Service Savings Analysis"); <br /> 1 <br />