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Minutes - San Leandro City Council Meeting - November 1, 1993 Page - 4 - <br /> NEW BUSINESS (continued) <br /> C. Resolution No. 93-228, Resolution Amending Resolution No. 93-110, <br /> Describing "Drug Free Zones," to Now Reflect "Crime Free Zones" (amends <br /> Resolution adopted by the City Council on June 7, 1993, describing <br /> enforcement of "Drug Free Zones," to include "Crime Free Zones" and <br /> provides for enhanced penalties for violations of specific California <br /> Penal Code and Health and Safety Code sections) . (1841) <br /> Introduced by Council Member Perry, who moved its adoption, seconded by <br /> Council Member Corbett, and carried by the following called vote: <br /> AYES: Council Members Corbett, Kerr, Myers, Nahm, Perry, Polvorosa; <br /> Mayor Faria ( 7 ) <br /> NOES: None ( 0 ) <br /> ABSENT: None ( 0 ) <br /> D. Resolution No. 93-229, Resolution Approving Investment Policy for City <br /> Funds (sets criteria for investment of City funds) . (1051) <br /> Introduced by Council Member Myers, who moved its adoption, seconded by <br /> Council Member Nahm, and carried by the following called vote: <br /> AYES: Council Members Corbett, Kerr, Myers, Nahm, Perry, Polvorosa; <br /> Mayor Faria ( 7 ) <br /> NOES: None ( 0 ) <br /> ABSENT: None ( 0 ) <br /> E. Matter of Davis Street Assessment District (approves issuance of <br /> refunding bonds for the Davis Street Assessment District to reduce <br /> interest costs for property owners) . <br /> John Jermanis, Finance Director, explained that the proposed actions <br /> will reduce the annual assessments for the property owners by a total <br /> of $13,000 per year, or $200,000 over the remainder of the life of the <br /> loan, without extending the term. He said the original bonds were <br /> issued at an interest rate of about 8%, and this will reduce it to <br /> about 6% through a bond refinancing pool arrangement with ABAG. In <br /> response to questions from Council , he said this procedure would not be <br /> cost effective for other assessment districts such as Marina Boulevard <br /> and 139th Avenue because the savings would be eaten up in the costs <br /> involved in the process. <br />