pages: CityCouncil/2008-06-03.pdf, 25
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CityCouncil | 2008-06-03 | 25 | Councilmember/Authority Member deHaan inquired whether the interest rate is fixed. The Finance Director responded the interest rate varies over time i stated everything is taken into account with an all in true interest cost. Mayor/Chair Johnson stated money would need to be found elsewhere if refinancing is not done; she does not view refinancing as a way to balance the budget. Councilmember/Authority Member deHaan stated refinancing would be a one-time fix and a deferral. The Finance Director stated the proposed refinancing was a potential solution for not having sufficient budget capacity to meet all needs. louncilmember/Authority Member Gilmore inquired whether timing would be impacted if Council and the Commission decide to made a decision to go forward at the end of June. The Finance Director responded missing the August 1 call date for the Police Building might cost more money, but could be done. louncilmember/Authority Member Matarrese inquired how much is owed on the police bonds. The Finance Director responded $1.5 million; stated Library and Golf is 3.5%; 63% is for Library and 34% is for Golf. Mayor/Chair Johnson stated $1 million needs to be spent on renovating the driving range the City is still paying off the construction debt. Councilmember/Authority Member Matarrese stated staff should look at paying early because there is no tax deduction for paying interest. The Finance Director stated the scenario could be reviewed; the net present value of the future debt service versus using the fund balance to pay it off can be reviewed. Councilmember/Authority Member deHaan inquired whether major refinancing was done in 2002-2003. Special Joint Meeting Alameda City Council, Alameda Public 11 Financing Authority, and Community Improvement Commission Meeting June 3, 2008 | CityCouncil/2008-06-03.pdf |