Title
Staff Report for Resolution to Approve the Successor Agency to the Redevelopment Agency of the City of San Leandro 2018 Tax Allocation Refunding Bonds
Staffreport
Staff recommends that City Council acting as the Successor Agency to the Redevelopment Agency of the City of San Leandro (Successor Agency) approve the Preliminary Official Statement (POS) for the Successor Agency's Alameda County - City of San Leandro Redevelopment Project Tax Allocation Refunding Bonds, Series 2018A (Series A Bonds) and Alameda County - City of San Leandro Redevelopment Project Tax Allocation Refunding Bonds, Series 2018B (Federally Taxable) (Series B Bonds, and, collectively, Refunding Bonds). Authorization for issuance of the Refunding Bonds occurred on 12/18/17. Staff also recommends that City Council acting as the Successor Agency, the San Leandro Public Financing Authority and the City of San Leandro Parking Authority approve the adoption of a debt management policy, as now required by State law.
DISCUSSION
On 12/18/17, the City acting as the Successor Agency approved the resolutions and documents required to issue the Refunding Bonds, which will be issued to refund $22,860,000 of currently outstanding Redevelopment Agency of the City of San Leandro Alameda County-City of San Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (2008 TABs). The par, or face value of the Refunding Bonds will not exceed $23 million and they will mature in 2038, which is the existing final maturity of the 2008 TABs. Annual debt service on the Refunding Bonds will not exceed the annual debt service currently payable on the outstanding 2008 TABs. The approval on 12/18/17, was required first so that the State Department of Finance could then be requested by the Successor Agency to approve the Refunding Bonds and the Oversight Board's approval thereof, which the State Department of Finance did via a letter dated 1/31/18. The next steps are to approve the POS, apply for a rating, pr...
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