pages: CityCouncil/2009-05-19.pdf, 6
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CityCouncil | 2009-05-19 | 6 | Vice Mayor deHaan stated the Development Services Department was recently loaned approximately $3 million for the Wilver "Willie" Stargel project; that he has concerns about borrowing money from the State and using the Sewer Fund as the source of revenue for repaying the loan; the process does not seem to be correct money management. The City Engineer stated staff planned on using economic recovery funds when interest rates were not known; staff has been advised that interest rates would be between zero and three percent; staff will finalize the loan if the proposed interest rate for the Clean Water State Revolving Fund are lower than interest rate received on the Sewer Fund balance; money is available and has been earmarked for the project staff is trying to take advantage of any economic recovery monies available. Vice Mayor deHaan stated that he has concerns with an internal loan. The Interim City Manager stated Council approved a loan from the Sewer Fund to the CIC to complete the project and protect STIP funds; the CIC is paying the Sewer Fund almost 3% in interest; the Sewer Fund has the opportunity to borrow the money from the State at less interest. Vice Mayor deHaan inquired how much interest the City is getting from the Sewer Fund to the CIC, to which the Interim City Manager responded 3% Vice Mayor deHaan stated the profit margin is very thin. The Interim City Manager stated 2% is not too bad in this market. Councilmember Tam moved adoption of the resolution. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. (*09-204) Resolution No. 14335, "Approving Amendment No. 1 to the Long-Term - Power Purchase Agreement between Iberdrola Renewables, Inc. and Alameda Municipal Power. " Adopted. (*09-205) Resolution No. 14336, "Of Intention to Levy an Annual Assessment on the Alameda Business Improvement Area of the City of Alameda for Fiscal Year 2009-10 and Set a Public Hearing for June 2, 2009. " Adopted. CITY MANAGER COMMUNICATIONS Regular Meeting Alameda City Council 6 May 19, 2009 | CityCouncil/2009-05-19.pdf |