Title
Staff Report for City of San Leandro City Council RESOLUTIONS that Approve the Issuance of San Leandro Public Financing Authority 2018 Lease Revenue Bonds
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council and the Board of Directors of the San Leandro Public Financing Authority (Authority) approve the resolutions and documents required to issue the San Leandro Public Financing Authority 2018 Lease Revenue Bonds (2018 Bonds). The proposed 2018 Bonds will be issued to provide $20,000,000 of net bond proceeds to fund the City's capital improvement program, as described below. The par value of the 2018 Bonds will not exceed $22 million, the true interest cost (TIC) will not exceed 5% and the final maturity date will not go beyond November 1, 2048.
DISCUSSION
The $20 million in net proceeds of the 2018 Bonds will be combined with other appropriations to fund the five capital improvement projects described in the table below.
Projects Est. Cost Bond Funding Est. Bid Opening
Police Bldg. & South Office $9,417,000 7,093,000* October 2018
Mulford-Marina Library 3,800,000 2,500,000 September 2019
Manor Park Competition Pool 5,800,000 5,600,000 March 2019
Farrelly Pool 3,500,000 1,200,000 June 2019
Casa Peralta Improvements 4,410,000* 3,607,000 August 2019
$27,650,000 20,000,000
*Amounts listed reflect changes requested as part of the Police Building / South Office project award scheduled for November 5, 2018.
Net proceeds of the 2018 Bonds are expected to be used for the projects described above, but the City has the discretion to substitute other projects at any time. With the exception of the Mulford-Marina Library project all the listed projects are funded with existing appropriations.
The estimated cost of the Marina Mulford Library is $1.0 million more than the existing appropriations. Nevertheless, the City intends to build the library as envisioned. To fully fund the project, staff will l...
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