Title
Summary Title: Dissolution of Alameda Public Improvement Corporation
Adoption of Resolution Acknowledging that the Alameda Public Improvement Corporation Has Completed Its Purpose, Has No Outstanding Debt, Assets or Liabilities, and that the Board of Directors of the Corporation Determines to Dissolve the Corporation. (Finance 2410)
Body
To: Honorable President and Members of the Board of Directors
From: David L. Rudat, Interim Executive Director
EXECUTIVE SUMMARY
The Alameda Public Improvement Corporation, established in 1988, was used as a means to issue several lease financings all of which have been either repaid or terminated. The Corporation is no longer needed for future City financings and, effectively, has completed its purpose. To avoid any future administrative costs or obligations in respect of the Corporation, staff recommends the Board authorize the dissolution of the Corporation and authorize the filing of documents necessary to effectuate the dissolution.
BACKGROUND
The City established the Alameda Public Improvement Corporation (the "Corporation") on February 1, 1988, to assist with various lease financings undertaken by the City. On August 7, 1990, the Corporation, originally formed as the Alameda Sewer Improvement Financing Corporation, changed its name to the Alameda Public Improvement Corporation. Since its formation, the Corporation has been involved in several City of Alameda lease financings, including the financing of a sewer project in 1988, the financing of a police facility and related equipment in 1990, the financing of street improvements in 1994, the financing of a library and golf course in 1996, and the financing of City Hall improvements in 1995 and refinancing of that 1995 financing in 2002.
At the time of each financing, the Corporation assigned all of its interests in certain lease obligations then incurred by the City to an independent trustee, and certificates of participation in the City's lease payments...
Click here for full text