Title
RESOLUTION of the San Leandro Public Financing Authority Authorizing the Issuance and Sale of 2016 Refunding Lease Revenue Bonds to Refinance Outstanding 2007 Certificates Of Participation, and Approving Related Documents and Official Actions
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RESOLVED, by the San Leandro Public Financing Authority (the "Authority"), as follows:
WHEREAS, the City of San Leandro (the "City") has previously caused the execution and delivery of its 2007 Certificates of Participation (Library and Fire Stations Refunding Project) in the aggregate initial principal amount of $23,425,000 (the "2007 Certificates") for the purpose of refinancing certain capital projects of the City, including improvements to the City's main library building and the acquisition and construction of two fire stations; and
WHEREAS, in order to take advantage of prevailing bond market conditions, the City Council of the City wishes to authorize the refinancing of the 2007 Certificates; and
WHEREAS, to that end, the City has proposed to lease the real property constituting its main library building, including both land and improvements (the "Leased Property") to the Authority in consideration of the payment by the Authority of an upfront rental payment which is sufficient to provide funds to refinance the 2007 Certificates; and
WHEREAS, in order to raise funds for such purpose, the Authority proposes to issue and sell its San Leandro Public Financing Authority 2016 Refunding Lease Revenue Bonds in the aggregate principal amount not to exceed $15,800,000 (the "Refunding Bonds") under Article 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, commencing with Section 6584 of said Code (the "Bond Law"); and
WHEREAS, in order to secure the payments of principal and interest on the Refunding Bonds, the Authority proposes to lease the Leased Property back to the City under a Lease Agreement (the "Lease Agreement"), under which the City is obligated to pay semiannual...
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