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Minutes 1993 0524
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Minutes 1993 0524
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CM City Clerk-City Council - Document Type
Minutes
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5/24/1993
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Minutes - San Leandro City Council Meeting - May 24, 1993 Page - 6 - <br /> NEW BUSINESS (continued) <br /> Council Member Polvorosa asked what agency would hold the reserve funds and <br /> if the State could tap them. Mr. Jermanis said the funds would be part of <br /> the bond issue itself and under control of the Trustee. He said the <br /> Parking Authority Reserve will be under the City Council 's control and not <br /> available to the State. <br /> Council Member Faria asked if there were still ten years to go on the <br /> Parking Authority bonds. Mr. Jermanis said this was correct. He said the <br /> total outstanding debt is $2,750,000, down from $3.4 million. He said <br /> there is nearly enough to pay it off and, under most circumstances, it <br /> would be advantageous to the General Fund to do so. He said, however, this <br /> financing opportunity allows the City to borrow money at an overall <br /> issuance cost such that the interest rate will be a little under 6%. He <br /> said the City will hold the $2.5 million in Reserves; and he can invest it, <br /> which is a wise move to conserve resources. <br /> Council Member Corbett said she knew there have been attempts to contact <br /> people in the north block but said she has heard there may be some tenants <br /> who are not aware of the proposed acquisition. Mike Oliver, City Manager, <br /> said staff has been working with them for a good deal of time, and he would <br /> be glad to talk with them. <br /> Council Member Myers asked why a Public Hearing was not being held on Items <br /> A and B on the Agenda. Steve Meyers, City Attorney, said a Hearing is <br /> legally required only for Resolution 6.A. , not for the other items. <br /> Mayor Karp asked if the existing Parking Authority bonds were coupon bonds <br /> or registered. Mr. Jermanis said they are bearer bonds. . <br /> The following Resolutions were then introduced: <br /> A. Resolution No. 93-100, Resolution Authorizing Formation of a Joint <br /> Powers Authority with the Redevelopment Agency of . the City of San <br /> Leandro (creates the San Leandro Public Financing Authority by the City <br /> and the San Leandro Redevelopment Agency for the purpose of financing <br /> costs related to the acquisition and improvement of property through a <br /> single entity in order to eliminate duplication of effort, <br /> inefficiencies in administration, and excessive cost by acting <br /> separately) . (2739/2735) <br /> Introduced by Council Member Kerr, who moved its adoption, seconded by <br /> Council Member Faria, and carried by the following called vote: <br /> AYES: Council Members Corbett, Faria, Kerr, Myers, Perry, Polvorosa; <br /> Mayor Karp ( 7 ) <br /> NOES: None ( 0 ) <br /> ABSENT: None ( 0 ') <br />
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