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1997 Oakland-Goldman Sach Interest Rate Swap Agreement + 2003 Amended Agreement

1997 Oakland-Goldman Sach Interest Rate Swap Agreement + 2003 Amended Agreement

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Published by darwinbondgraham
In 1997 Oakland, CA entered into a floating to fixed interest rate swap with Goldman Sachs. The deal became toxic in 2008 when the market crashed, and has since drained millions from the city's budget - http://www.eastbayexpress.com/ebx/oaklands-toxic-deal-with-wall-street/Content?oid=3125660
In 1997 Oakland, CA entered into a floating to fixed interest rate swap with Goldman Sachs. The deal became toxic in 2008 when the market crashed, and has since drained millions from the city's budget - http://www.eastbayexpress.com/ebx/oaklands-toxic-deal-with-wall-street/Content?oid=3125660

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Published by: darwinbondgraham on Mar 03, 2012
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CITYOFOAKLANDPUBLICRECORDSREQUESTNO.82911997GOLDMANSACHRATESWAPAGREEMENT
1.
The1997"SwapAgreement"betweentheCityofOaklandandGoldmanSachsMitsuiMarineDerivativeProducts.Attachedyouwillfindthe"1997SwapAgreement"2.TheCity'sMarch21,2003Amendmenttothe"1997SwapAgreement".Attachedyouwillfindthe2003Amendmenttothe"1997SwapAgreement"3.Alistofthepurchasersoftheoriginal1997OaklandJointPowersFinancingAuthorityLeaseRevenueBonds,1998Series
All
A2.
\
TheSeriesA-1BondswerepurchasedbyGoldman,Sachs
&
Co.TheSeriesA-2BondswerepurchasedbyE.J.DeLaRosa
&
Co.4.AccountofallpaymentsmadeandreceivedbytheCityofOaklandaspartytothe1997(andasamendedin2003)SwapAgreementwithGoldmanSachsMitsuiMarineDerivativeProducts.Therewerenoproceedsderivedfromthe1997SwapAgreementbetweentheCityofOaklandandGoldmanSach(see1997SwapAgreementinQ#1).Whentheagreementwasamendedin2003,theCitydidreceive$5,975,000fromGoldmanSachforrestructuring(SeeAmendmentinQ#2).
 
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The
purpose
of.thiscommunication
is
to
.set.f~;rth
heterms·.andconditions
oftheabove,r.eferenr;;e.d
.tra:nsaction.',....entered'intoontheTradeDate'
speclfied
below(the~TransC!ctionM
or~Rate.SWap
Transaetlcn")
betW~en.
GS..'.
FinandalProducts,U:S.,L.P.(",Goldmanj
and
the
City
ofOakland,California,("courit~ra,rtyM).
This·'..'..
i.Transactio·n·
oonstitutes
a
Rate
Swap
Transaction
under-
and
this
cornrnunlcatlon
consfltutesa
"Confirrnation"·as.,.
j
..referredt.o
i.f'!
th~
~~p'Ag~ee.men~~.~~~fiedbelow..'..:.;.,'.,'::
r.'.
>','.':::'
:.::j
:1..ThiS!
'confiirna6cin:~
s~bje·ct·to.l··a~.fncor~rates,
the..19~1.1~DPi·CkfJnffions(the'
19$~.
P~~.;;......','.',',,:~.:;.:.....,:.:
publishedby.
the"lnternationar
~ps
and
Derivauy~
Asso~!jl.tion,
Inc;
C"ISDA,),Parf:'~raph
.(4-)
of,·the
May·1'~S~;",'...".,'
'1
Addendllmto
Schedule
tolnterestRate-andC!IrrencyExchangeAgre~ment(the
wCap.Ad~~nqul,TJ~).,,~p'c;l.",.';"',".
;'!:-:"..'
::r.
I
Parag1'E!.ph(5)
of:tne
July·1
~~O
Add
en.durfito
Schedule
tointerestRate
and
c;urren6y:,E~~~h~nge./:I,gr.~eme..nt'.....,:',
<::':':':":,::.:
(the
~Opfjons
Addendum'),aUas
published'
byISDA
(erceptthatall'
references
to
~Swap
Tr~nSaytigf.l.~~.iO.
he.,:':.':.;....:::.,....
1-991
Definitions,.the
Q~pAQdBndum
and
the,OptionsAddendum
Will
be
deemedtoperefer.enc!3s·tq.
~~at$...,'..,..":".,..'
SWa'pTransaolion.~:,Golqman~~~Counterparty
are.partiestoanInterestRate
Swap,~re~~~.n.t.d.J3,te9..
as
at.':;.'::'.:'.,..January9,
19.9Tthiat
setsfo'rtl')"generaltermsandconditions
applicableto
swap
tr.an~.a.ction,s.:~etw.eery.
~oldma,Ii".':.'::.:.:".::''.,'
r:'
and
Counterparty
(the
"Swap
.Agr~ementrk'md
thl?Con,fir.ma1io~
supplements.
fOfr.q~
i3
,p'a.rt:?of."an.sqs
'l?ubjeC#:::.:>',.:':.'
,to,
the
~?!P
I?:g~~~rne~~
This
Gonti.rr.n~~o~·I~lII
beread.andcons~u.~d
a~
one
with
the
e~e~qt~c1f?Xr:~P.::."
i.',.:.'::,'..".
Agreeriieint
sothatsuch
COl'lfirr'n~tionand
~e
SwapAgrsetIientconstitute
a
single;:t~r~~.hit;!I)I~.b;~tw~~f.lthe:.'.'.".
parties,.,'.
All
pr;"isions
conta.ined'in,:·~rin'cor~~rat~d'
b~
~eferenoeto,theSwap
Agreement
will
goverp~~p.o['lfi~m.ation.:
except
as
expressly
modified'herein.
In
the'event
of
anyinconsistency
between
this
Confirmaiio.n.8l)d
:1h.e
,1991
Definitions,
theswapAgreement,Paragraph
(4)
oftheCapAddendumorParagraph(5)o,fthe
optlcns..'.:
Addendum,
asthecasemaybe,this
Confirmation
will
control
forthe
purposeof
the
Rate$w:apTransacfionto
Which
this
Confirmationrelates.
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