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Minutes -City of San Leandro City Council, Page 12 <br />San Leandro Redevelopment Agency and San Leandro Public Financing <br />Authority Special Joint Meeting -October 18, 1999 <br />Approving Official Statement and Authorizing Official Actions (provides for a <br />financing program for the seismic retrofit of the Main Library and 2 Fire Stations and <br />execution of other related documents between the City of San Leandro and the San <br />Leandro Public Financing Authority. (Cost: Not to Exceed $26,000,000) <br />The City Manager went over the proposal for the Certificates of Participation and noted <br />that the risks are virtually non-existent. He also noted that Certificates of Participation <br />are used by other cities. <br />Council Member Loeffler expressed concern that this financing will be going forward <br />without a vote of the public. <br />Council Member Glaze expressed the same concern, but noted that he agrees with the <br />proposal for this evening. He stated that the financing for the main library and City Hall <br />should have gone to a vote of the people He further suggested that the City Council <br />needs to come back with a policy regarding when issues such as this should go to a vote <br />of the people. He suggested there be some sort policy stating a cap on the funding <br />amount that could be acted upon by the City Council without going to a vote of the <br />people. <br />Council Member Lothrop indicated that she is eager to get this project moving. She <br />agreed with the notion of taking a look at a policy or statement that would set forth <br />some sort of cap on what the Council could act on without going to a vote of the people. <br />Council Member Nardine suggested that would be a good topic for an additional Work <br />Session. <br />Council Member Glaze .also remarked that he feels the people in our community should <br />have the opportunity to vote on core services for the City and to eliminate the other <br />taxes in-between. <br />Vice Mayor Galvan indicated that perhaps a polling of the community should be done <br />regarding these issues. <br />-- Resolution No. 99-156. Resolution of the City Council of the City of San <br />Leandro Authorizing the Execution and Delivery of Not to Exceed $26,000,000 <br />Certificates of Participation, Authorizing and Directing Execution of Related <br />Lease Financing Documents, Trust Agreement, Continuing Disclosure <br />Agreement, and Certificate Purchase Agreement, Approving Official Statement <br />and Authorizing Official Actions. <br />M/S/C Lothrop and Glaze. Ayes: 5; Noes: 0; Absent: Grant and Young <br />-- Resolution No. 99-02 PFA. Resolution of the San Leandro Public Financing <br />Authority Authorizing the Execution and Delivery of Not to Exceed <br />