Title
Highlights of the Finance Committee Meeting of November 14, 2017
Body
CITY OF SAN LEANDRO
FINANCE COMMITTEE
November 14, 2017
5:30 - 7:00p.m.
San Leandro City Hall
835 East 14th Street
San Leandro, California
(Sister Cities Gallery)
HIGHLIGHTS
1. CALL TO ORDER
Mayor Cutter called the meeting to order at 5:30 p.m.
1.A. Attendance
Committee members present: Mayor Cutter, Councilmember Lee
City staff present: City Manager Zapata, Assistant City Manager Kay, Finance Director Baum, Recreation and Human Services Director Dong, Deputy Finance Director Vong, Budget & Compliance Manager Perini
Public present: Juan Galvan (Jones Hall), Robert Glotch, Robert Duey, Ivan Cornelius, Kimberly Pace, Shane Wakerling, Phil Williams, Pat Marino, Dan McNely, Robert Larkins (Raymond James)
1.B. Announcements
None
2. DISCUSSION ITEMS
2.A. 17-666 Discussion Regarding Successor Agency to the Redevelopment Agency of the City of San Leandro 2018 Tax Allocation Refunding Bonds
Finance Director Baum presented a report which proposes refunding the outstanding balance of the 2008 Tax Allocation Bonds (TABs), $22 million, and refinance by issuing bonds with lower rates. Refunding of bonds can be done once every 10 years. By refunding the bonds, the total savings would be approximately 20%. The City of San Leandro will realize approximately 12% of the savings, or $1 million or $540,000 on a net present value basis. The remaining savings would be allocated to other taxing entities such as the County and the school district.
Mr. Baum explained that as the issuer of the bonds, the City of San Leandro may be compensated for the work related to the cost of the issuance. The City's Master Fee Schedule does provide for the City to be able to charge a fee for any bond issued. The fee is currently in discussion with the bond counsel. Mr. Baum did advise the Committee that although the proposal is to issue the bonds by March 2018, there may be a delay due to the ...
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