pages: CityCouncil/2008-06-03.pdf, 24
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CityCouncil | 2008-06-03 | 24 | The Finance Director stated budget increases would be needed otherwise. Mayor/Chair Johnson inquired whether the Library Fund is paid out of the General Fund. The Finance Director responded approximately 50-55% of Library expenditures are supported by the General Fund, stated the Police Building Bond would have been paid off in 2015, if not refinanced. Councilmember/Authority Member Gilmore stated the first year savings is approximately $600,000; inquired how much cash would not be spent the second year, to which the Finance Director responded $367,000. louncilmember/Authority Member Gilmore inquired how many more years the repayment would be pushed out, to which the Finance Director responded two years. Mayor/Chair Johnson inquired what are the fees. The Finance Director responded $150,000 for issuance; stated the underwriter's discount is $41,175. Mayor/Chair Johnson inquired whether the $41,175 is in addition to the $150,000, to which the Finance Director responded in the affirmative. Vice Mayor/Authority Member Tam stated fees would be rolled back into debt service. Mayor/Chair Johnson stated money would be borrowed to restructure borrowed money. Councilmember/Authority Member deHaan inquired what was the interest on the 1996 Police Building, to which the Finance Director responded 4% to 6%. Councilmember/Authority Member deHaan inquired what was the interest on the Golf Course, to which the Finance Director responded 3.9% to 5.75%. Councilmember/Authority Member deHaan inquired what the new interest rate would be, to which the Finance Director responded the all in true interest costs is approximately 5%. Special Joint Meeting Alameda City Council, Alameda Public 10 Financing Authority, and Community Improvement Commission Meeting June 3, 2008 | CityCouncil/2008-06-03.pdf |