TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
title
City of Chino Public Financing Authority 2026 Lease Revenue Bond.
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RECOMMENDATION
recommendation
That the Chino City Council 1) hold a Public Hearing regarding financing; 2) adopt Resolution 2026-048 authorizing the execution and delivery of a Ground Lease, Lease Agreement, Indenture, Supplemental Agreement, Term Sheet, and Placement Agent Agreement in connection with the issuance of the City of Chino Public Financing Authority 2026 Lease Revenue Bond, approving the issuance of such bond in the principal amount of not to exceed $3,500,000, and authorizing the execution of necessary documents and certificates and related actions; and that the City of Chino Public Financing Authority Board of Directors adopt a Resolution FA 2026-001 authorizing the execution and delivery of a Ground Lease, Lease Agreement, Indenture, Assignment Agreement, Term Sheet, and Placement Agent Agreement in connection with the issuance of the City of Chino Public Financing Authority 2026 Lease Revenue Bond, authorizing the issuance of such bond in the principal amount of not to exceed $3,500,000, and authorizing the execution of necessary documents and certificates, and related actions.
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FISCAL IMPACT
The City will incur a new lease obligation in the estimated amount of $3.225 million.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
Summary
City staff has worked with its financing team to bring these items before the City Council and the Board of Directors of the City of Chino Public Financing Authority (the "Authority") to authorize the execution and delivery of a Ground Lease, Lease Agreement, Indenture, Te...
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