Title
Adoption of Resolution Authorizing the Issuance and Sale of Taxable Tax Allocation Refunding Bonds to Refund Bonds of the Former Community Improvement Commission of the City of Alameda and Approving Related Documents and Actions. (Community Development 207)
Body
To: Honorable Chair and Members of the Successor Agency to the Community Improvement Commission of the City of Alameda
From: Jill Keimach, City Manager
Re: Adoption of Resolution Authorizing the Issuance and Sale of Taxable Tax Allocation Refunding Bonds to Refund Bonds of the Former Community Improvement Commission of the City of Alameda and Approving Related Documents and Actions.
BACKGROUND
Staff recommends that the Successor Agency to the Community Improvement Commission of the City of Alameda (the "Successor Agency") adopt a resolution approving documents required to issue Successor Agency Taxable Tax Allocation Refunding Bonds, Series 2017 (the "2017 Bonds").
The proposed 2017 Bonds will be issued to refund $9,745,000 of Community Improvement Commission of the City of Alameda 2011 Tax Allocation Housing Bonds, Subordinate Series A (Taxable) (the "2011 Taxable TABs") and $995,000 of Community Improvement Commission of the City of Alameda 2011 Tax Allocation Housing Bonds, Subordinate Series B (Tax-Exempt) (the "2011 Tax-Exempt TABs," and together with the 2011 Taxable TABs, the "2011 Bonds"). The principal amount of the 2017 Bonds will not exceed $16 million. Because this is an advanced refunding (i.e., the earliest the bonds can be refunded is 2021), the 2017 bond proceeds must include approximately $4 million in interest and associated costs. Therefore, the principal bond amount will not exceed $16 million ($10.7M in outstanding principal owed + $4M in advanced interest due + $300,000 for miscellaneous costs). Annual debt service on the 2017 Bonds will not exceed the annual debt service currently payable on the outstanding 2011 Bonds, and the final maturity of the 2017 Bonds will be ...
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