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Finance Highlights 2007 0320 v2
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Finance Highlights 2007 0320 v2
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6/6/2007 4:03:11 PM
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5/30/2007 10:45:11 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
3/20/2007
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Finance Highlights 2007 0320 v1
(Superseded)
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<br />suggested creating an account for the Mayor and City Council, from the General Fund, and to have funds <br />available for any minimal request from the same organizations. Committee Member Starosciak <br />commented that historically General Fund resources were used by Council Members as an Empowerment <br />Fund to support community projects and programs within the Districts they serve. Chair Grant added <br />that the Mayor's Community Fund account was also used by Council Members for travel expenses to <br />San Leandro's Sister Cities. Members Grant and Starosciak were both uncomfortable in giving public <br />funds as private gifts. Committee Member Stephens mentioned that $5k is a small sum of money that <br />can be used to support youth groups in San Leandro. <br /> <br />6. Discussion Regarding Refunding 1999 Certificates of Participation <br /> <br />The $26M Certificates of Participation (COP) issued in November 1, 1999 were sold to fmance the <br />Library at 5.7% and Fire Stations 9, 12 and 13. Mr. Baloca recommends refinancing the COP at a much <br />lower rate of 4.15%, maturing on the same date on July 1,2029, allowing the City to save approximately <br />$2.1 million or $150k annually. In addition, the fire stations will no longer be part of the collateral. <br /> <br />Staff received bids from three different firms to underwrite the bonds and serve as financial advisor to the <br />City. The firms include Citigroup, Sutter Securities and E. Wagner and Associates. Based on the review <br />of the proposals, staff is recommending that the City work with E. Wagner and Associates as the <br />Financial Advisor, Jones Hall as Special Counsel and U.S. Bank as the Trustee and the Underwriter will <br />be determined through competitive bidding. All fees associated with financing will be paid from the <br />Certificate proceeds. <br /> <br />The Council will adopt the Resolution Authorizing Sale of Certificates and Approval of Legal <br />Documents on May 7, 2007. The Sale ofthe COP will be on May 22,2007 and will close on June 5, <br />2007. <br /> <br />7. Review of 2007-2008 Budget Process Calendar <br /> <br />The Budget Calendar will be revised to reflect the recent changes to future Finance Committee meeting <br />dates. <br /> <br />8. Public Comments <br /> <br />No Public Comments. <br /> <br />9. Committee Member Comments <br /> <br />No Comments from the Committee Members <br /> <br />10. Adjournment <br /> <br />The meeting was adjourned at 5:35 p.m. <br /> <br />G:\FINCOMM\2006-07 Minutes\CITY COUNCIL FINANCE COMMITTEE 03-20-07.doc <br /> <br />4 <br />
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