OB Reso 2017-06 Refunding Bonds
Successor Agency Oversight Board
OB Reso 2017-06 Refunding Bonds
3/29/2018 12:56:02 PM
12/20/2017 1:39:38 PM
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Document Date (6)
10A Action Items 2017 1218
\City Clerk\City Council\Agenda Packets\2017\Packet 2017 1218
SA Reso 2017-008
\City Clerk\City Council\Resolutions\2017
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I <br />as of U OLVA 01 UZI 1 HIN MIX" DIOLWKII a N on I DKN V IVKII W7.10 9 W. -II =1 I <br />U By 131 INUV I I QUIN <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 I 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 I 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 />
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