APPROVED AS TO FORM AND LEGALITY
________________________
CITY ATTORNEY’S OFFICE
OAKLAND CITY COUNCIL
RESOLUTION NO. _______________ C.M.S.
RESOLUTION AMENDING RESOLUTION NO. 89240 C.M.S., WHICH
PROVIDES FOR THE ISSUANCE AN D SALE OF THE CITY OF
OAKLAND FISCAL YEAR 2022 -2023 TAX AND REVENUE
ANTICIPATION NOTES AND AUTHOR IZES THE NOTE PURCHASE
AGREEMENTS AND OTHER ACTION S RELATED TO SUCH NOTES,
TO AMEND THE TRUE INTEREST COST ON THE NOTES TO AN
AMOUNT NOT TO EXCEED 4.50 PERCENT PER ANNUM
WHEREAS, on June 7, 2022, the City Council a dopted Resolution No. 89240 C.M.S., which provides for the issuance and sale of the City of Oakland fiscal year 2022-2023 Tax and Revenue Anticipation Notes (the “Notes”) and authorizes the Note Purchase Agreements and other actions related to the Notes; and
WHEREAS, Section 3 of Resolution No. 89240 C.M.S . provides, in part, that City shall borrow the aggregate principal sum of not to exceed $165,000,000 by the issuance of the Notes, and that the Notes shall bear interest on the principal amount outstanding from time to time, mature and be payable on one or more dates as provided in the respective Note Purchase Agreements, provided that the maturity dates of the Notes shall not exceed 13 months from the date of issuance of the Notes, the True Interest Cost shall not exceed 3.5% per annum and the Maximum Rate shall not exceed 10% per annum; and
WHEREAS, the interest rates at which the Notes can be sold have risen significantly since the adoption of Resolution No. 89240 C.M.S. on June 7, 2022 and may exceed the True Interest Cost parameter of not to exceed 3.50% spe cified in Resolution No. 89240 C.M.S.; and WHEREAS, the City has identified one or more alternative Note structures that result in savings for the City if the Notes were sold at a rate in excess of a True Interest Cost of 3.50%; now, therefore, be it
________________________
CITY ATTORNEY’S OFFICE
UNCIL
C.M.S.
3185933v1/ARM 2
RESOLVED: That Section 3(a) of Resolution No. 89240 C.M.S. is hereby amended to provide for a True Interest Cost on the Notes of not to exceed 4.50%.
IN COUNCIL, OAKLAND, CALIFORNIA,
PASSED BY THE FOLLOWING VOTE:
AYES - FIFE, GALLO, KALB, KAPL AN, REID, TAYLOR, THAO AND
PRESIDENT FORTUNATO BAS
NOES –
ABSENT –
ABSTENTION –
ATTEST:
ASHA REED
City Clerk and Clerk of the Council of the
City of Oakland, California