Port of LA

7. RESOLUTION NO. ____________ - AUTHORIZING THE LOS ANGELES BOARD OF\nHARBOR COMMISSIONERS TO APPROVE A CASH DEFEASANCE OF THE CITY OF\nLOS ANGELES HARBOR DEPARTMENT 2015 SERIES A (NON-AMT) AND 2016\nSERIES B (NON-AMT) AND SERIES C (NON-AMT) (GREEN) REFUNDING REVENUE\nBONDS\nSummary: Staff requests adoption of a Resolution authorizing the cash defeasance of the 2015\nSeries A ($7,395,000), 2016 Series B ($60,750,000) and 2016 Series C ($35,205,000)\nRefunding Revenue Bonds (Series 2015 & 2016 Bonds) with a total outstanding balance of up\nto $103,350,000. The proposed defeasance will be executed after August 1, 2024 with available\nfunds from the Harbor Revenue Fund in an amount not-to-exceed $94,000,000. Approval of the\nproposed cash defeasance of the Series 2015 & 2016 Bonds will result in interest savings of\n$35,545,850 on the Harbor Department’s (Department) outstanding debt over a 15-year period\nthrough August 2039.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed action is administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II Section 2(f) of the Los Angeles City\nCEQA Guidelines; (2) authorize the cash defeasance of some or all of the 2015 Series A and\n2016 Series B and Series C Refunding Revenue Bonds with funds from the Harbor Revenue\nFund and other funds available under the respective bond indentures; (3) authorize the\nredemption of the 2015 Series A and 2016 Series B and Series C Refunding Revenue Bonds\nthat are subject to redemption; (4) approve the Escrow Agreements related to the cash\ndefeasance of the 2015 Series A and 2016 Series B and Series C Refunding Revenue Bonds in\nthe form presented to the Board with such changes as are approved by the officer executing the\nfinal versions of such agreements; (5) ratify actions taken by officers, employees, and agents of\nthe Harbor Department prior to the date the Resolution becomes final; and (6) adopt Resolution\nNo.____________.