Title
Adoption of Resolution Approving the Form and Authorizing Distribution of a Preliminary Official Statement in Connection with the Offering and Sale of Tax Allocation Bonds to Refund Outstanding Bonds of the Former Community Improvement Commission of the City of Alameda, and Approving Related Documents and Actions. (Finance 207)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Adoption of Resolution Approving the Form and Authorizing Distribution of a Preliminary Official Statement in Connection with the Offering and Sale of Tax Allocation Bonds to Refund Outstanding Bonds of the former Community Improvement Commission of the City of Alameda and Approving Related Documents and Actions
BACKGROUND
At its February 7, 2017 meeting, the Successor Agency to the Community Improvement Commission (CIC) of the City of Alameda (Successor Agency) adopted a resolution approving various documents required to issue Taxable Tax Allocation Refunding Bonds, Series 2017 (2017 Bonds) to refund existing tax allocation bonds to achieve interest rate savings to benefit taxing entities including the City of Alameda, and authorized the issuance of the 2017 Bonds.
The Successor Agency Oversight Board, at its February 15, 2017 meeting, adopted a resolution approving the issuance of the 2017 Bonds by the Successor Agency and directing several actions including filing notice of its approval with the California Department of Finance (DOF). The notice was received by DOF on February 22, 2017, and the DOF is now reviewing the proposed refunding transaction.
The final action required of the Successor Agency in connection with issuance of the 2017 Bonds is approval of the Preliminary Official Statement (POS) for the 2017 Bonds, which is the offering document that will be provided to potential purchasers of the 2017 Bonds. The POS contains information material to an investment in the 2017 Bonds and is a key due diligence document for p...
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