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SA - Adoption of a Resolution Approving a Form of Preliminary Official Statement in Connection with the Sale and Delivery of Tax Allocation Refunding Bonds; Confirming Actions Previously Taken, Including Approval of a Form of Purchase Contract; Making Certain Determinations Relating Thereto; and Authorizing Certain Other Actions in Connection Therewith.
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Meeting Date: November 6, 2017
Contact Person/Dept: Jeff Muir/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - Successor Agency (11/01/17);
Department Approval: Jeff Muir, Chief Financial Officer (10/26/17)
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RECOMMENDATION
Staff recommends the Successor Agency Board adopt the proposed Resolution approving a form of Preliminary Official Statement in connection with the sale and delivery of tax allocation refunding bonds; confirming actions previously taken, including approval of a form of Purchase Contract; making certain determinations relating thereto; and authorizing certain other actions in connection therewith.
EXECUTIVE SUMMARY
The Successor Agency is asked to adopt a Resolution approving the form and authorizing the distribution of a preliminary official statement ("Preliminary Official Statement") in connection with the issuance of tax-exempt and taxable refunding bonds ("Refunding Bonds"), confirming actions previously taken in connection with the sale of the Refunding Bonds, including approval of a form of a Bond Purchase Agreement ("BPA") between the Successor Agency and the underwriter. Staff estimates that refunding the outstanding bonds will save an average of $2.685 million per year based on current market conditions, directly benefitting all of the taxing e...
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