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5A Public Hearing 2018 1203
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5A Public Hearing 2018 1203
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11/27/2018 7:58:40 PM
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CM City Clerk-City Council - Document Type
Agenda
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12/3/2018
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City of San Leandro <br />Meeting Date: December 3, 2018 <br />Staff Report <br />Agenda Section:File Number:18-607 PUBLIC HEARINGS <br />Agenda Number:5.A. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for City of San Leandro City Council Resolution that Approves the <br />Issuance of San Leandro Public Financing Authority 2018 Lease Revenue Bonds <br />SUMMARY AND RECOMMENDATIONS <br />On November 5, 2018, the City Council of the City and the Board of Directors of the San Leandro <br />Public Financing Authority (the “Authority”) approved the issuance by the Authority of lease <br />revenue bonds in the aggregate principal amount not to exceed $22,000,000 (the “2018 Bonds”) <br />pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of <br />California (the “Bond Law”) for the purposes of financing certain capital improvement projects of <br />the City, anticipated to consist of improvements to the Police Headquarters and South Office <br />Building, the Mulford-Marina Branch Library, Manor Park Competition Pool, Farrelly Pool, and <br />Casa Peralta (the “Capital Facilities”), and the execution and delivery by the City and the Authority <br />of documents related thereto. <br />Pursuant to Section 6586.5 of the Bond Law, authorization by the Authority of bonds for the <br />purpose of financing projects like the Capital Facilities must be preceded by public notice of the <br />holding of a public hearing by the City, with the City finding after holding a public hearing that <br />issuance of the bonds will result in significant public benefits to the City of the type described in <br />Section 6586 of the Bond Law, such as a more efficient delivery of City services to residential <br />and commercial development and demonstrable savings in effective interest rate, bond <br />preparation, bond underwriting, and bond issuance costs. <br />In accordance with the Bond Law, the City will hold a public hearing relating to the financing of the <br />Capital Facilities. Following the public hearing, the City Council and the Board of Directors may <br />confirm the actions of the prior resolutions, which would authorize issuance of the 2018 Bonds by <br />the Authority. <br />Staff recommends that the City Council and the Authority approve the resolutions and documents <br />required to issue the 2018 Bonds. The proposed 2018 Bonds will be issued to provide <br />Page 1 City of San Leandro Printed on 11/27/2018
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