Title
Staff Report for City of San Leandro City Council Resolution that Approves the Issuance of San Leandro Public Financing Authority 2018 Lease Revenue Bonds
Staffreport
SUMMARY AND RECOMMENDATIONS
On November 5, 2018, the City Council of the City and the Board of Directors of the San Leandro Public Financing Authority (the "Authority") approved the issuance by the Authority of lease revenue bonds in the aggregate principal amount not to exceed $22,000,000 (the "2018 Bonds") pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Bond Law") for the purposes of financing certain capital improvement projects of the City, anticipated to consist of improvements to the Police Headquarters and South Office Building, the Mulford-Marina Branch Library, Manor Park Competition Pool, Farrelly Pool, and Casa Peralta (the "Capital Facilities"), and the execution and delivery by the City and the Authority of documents related thereto.
Pursuant to Section 6586.5 of the Bond Law, authorization by the Authority of bonds for the purpose of financing projects like the Capital Facilities must be preceded by public notice of the holding of a public hearing by the City, with the City finding after holding a public hearing that issuance of the bonds will result in significant public benefits to the City of the type described in Section 6586 of the Bond Law, such as a more efficient delivery of City services to residential and commercial development and demonstrable savings in effective interest rate, bond preparation, bond underwriting, and bond issuance costs.
In accordance with the Bond Law, the City will hold a public hearing relating to the financing of the Capital Facilities. Following the public hearing, the City Council and the Board of Directors may confirm the actions of the prior resolutions, which would authorize issuance of the 2018 Bonds by the Authority.
Staff recommends that the City Council and the ...
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