Taxable Qualified Energy Conservation Bonds (QECB) Equipment Lease Agreement (2011)

Facts at a Glance

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CUSIP Number: None
Official Statement: None
Principal Amount at Issuance: $13,141,596.29
Purpose of Loan: To expand the City's Broad Spectrum Street Light Conversion Program (the "Program")
Lender/Purchaser Banc of America Leasing & Capital, LLC
Borrower: City of San Diego
Tax Status of Interest: Taxable
Fixed Interest Rate: 6.15% (pre-subsidy)/ 2.40% (post-subsidy)
Dated/Closing date: April 15, 2011
Payment Date: March 30
Final Maturity Date: March 30, 2026
Amoritzation: Annual
Interest Rate Swaps, Caps, and Other Interest Rate Management Products: N/A
Additional Debt Tests: N/A
Term-Out Provisions: N/A
Most-Favored Nation (or Similar) Clause: N/A
Events of Default and Remedies: See Article XII of the "Lease Agreement"
Transferability: See Article XI of the "Lease Agreement"
Prepayment Provisions: See Article X of the "Lease Agreement"
Credit Ratings: Not rated
Annual Report Dissemination Date: Not subject to annual reporting requirements
Security/Source for Repayment: Secured by a first lien on Energy Conservation Equipment funded with proceeds from the bonds; General Fund-backed Rental Payments funded with the appropriation of energy saving from Program implementation.
Other: Taxable QECBs were issued pursuant to the America Recovery and Reinvestment Act of 2009. The QECB financing is eligible for the direct interest subsidy payment from the U.S. Department of the Treasury within the meaning of Section 54D(a) of the Internal Revenue Code of 1986, as amended. The QECBs were issued to fund the Broad Spectrum Street Lighting Conversion Program and will be paid from annual appropriations payable out of any source of legally available funds.
Agreement: Taxable QECB Equipment Lease Agreement between City of San Diego and Banc of America Leasing & Capital, LLC dated April 15, 2011 (the "Lease Agreement")

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