pages: CityCouncil/2009-02-07.pdf, 30
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CityCouncil | 2009-02-07 | 30 | The City Manager responded in the affirmative. The Interim Finance Director noted a 1079/1082 bond would be a pension obligation bond (POB) and an OPEB bond is a benefit obligation bond (BOB) . Councilmember Matarrese stated the City Attorney indicated validation could take three to six months inquired whether Council could give direction to start now. The City Attorney stated the validation process would be started right away. Mayor Johnson stated the direction includes comments from Vice Mayor deHaan and Councilmember Matarrese about the upfront size [bond amount and projecting out the whole 30 years; borrowing $75 million for OPEB would be reviewed. Councilmember Matarrese stated $97 million could be borrowed, which is $75 million for OPEB and $23 million for 1079/1082; multiple options should be reviewed 1) a 1079/1082 bond, 2) an OPEB bond, and 3) bonds for both the OPEB and 1079/1082 plan. Mayor Johnson stated $75 million is based on 4.5% interest the amount needed would be greater if the 4.5% interest rate cannot be met. Vice Mayor deHaan stated pay-as-you-go increases 10-14% per year ; the City has to react. Council thanked the Interim Finance Director, Finance Department staff, the City Manager and Department Heads. * * (09-061A) Recommendation to accept the Financial Report for the Second Fiscal Quarter - October, November and December 2008. [Note: The item was discussed at beginning of meeting see Page 1] Councilmember Tam moved approval of the staff recommendation. Councilmember Gilmore seconded the motion, which carried by unanimous voice vote - 5. The City Manager provided closing comments. Special Meeting Alameda City Council 30 February 7, 2009 | CityCouncil/2009-02-07.pdf |