Title
Summary: Approve Technical Modifications to the 2003 Variable Rate Bonds for Alameda Point
Adoption of Resolution Electing to Substitute the Remarketing Agent, Approving the Form and Authorizing Execution of a Remarketing Agent Agreement with the Successor Remarketing Agent, Relating to the $9,080,000 Alameda Public Financing Authority (APFA) Variable Rate Demand Revenue Bonds (Alameda Point Improvement Project), 2003 Series A, and the $4,360,000 Alameda Public Financing Authority Taxable Variable Rate Demand Revenue Bonds (Alameda Point Improvement Project), 2003 Series B, and Approving Official Actions. [APFA] (Finance 2410)
Body
To: Honorable Chair and Members of the Alameda Public Financing Authority
From: David L. Rudat, Interim Executive Director
EXECUTIVE SUMMARY
Adopt a Resolution approving substitution of the Remarketing Agent and authorizing execution of a Remarketing Agent Agreement with the successor Remarketing Agent, relating to the $9,080,000 Alameda Public Financing Authority Variable Rate Demand Revenue Bonds (Alameda Point Improvement Project), 2003 Series A, and the $4,360,000 Alameda Public Financing Authority Taxable Variable Rate Demand Revenue Bonds (Alameda Point Improvement Project), 2003 Series B.
BACKGROUND
The Alameda Public Financing Authority (the Authority) issued a total of approximately $12.4 million in variable rate bonds related to Alameda Point in 2003. The source of repayment for these bonds is the lease revenue received from properties managed by the City's Base Reuse Department. Because the bonds are variable rate bonds, the interest rate resets weekly. On each reset date, investors have the option to sell their bonds to the market. The remarketing agent handles the reset and bond resale process. The Remarketing Agent for the 2003 variable rate bonds (the Bonds), Mitsubishi UFJ Financial Group (MUFG), previously known as Mitsubishi UFJ Securities (USA), Inc., has informed the Authority that they will no l...
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