pages: CityCouncil/2009-05-19.pdf, 9
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CityCouncil | 2009-05-19 | 9 | investing in Oakland's 9% tax-exempt bonds. The Interim City Manager responded the City can buy somebody else's taxable debt; departments paying debt service would not have to pay as much if the City could make more money by investing reserve funds and making a higher return for a year or two. Councilmember Matarrese inquired whether staff knows if Oakland would default; stated Oakland's deficit is extreme tonight's election outcome could put Oakland's back up against the wall. The Interim City Manager stated the City needs to review credit ratings along with what assets back the debt. Vice Mayor deHaan inquired what is the City's current bond rating, to which the Interim City Manager respond AA- Vice Mayor deHaan inquired what is Oakland's bond rating. The Interim City Manager responded that she does not know; stated the City could buy AMP's debt. Vice Mayor deHaan inquired what is the life expectancy of the various redevelopment projects. The Development Services Director responded the Business and Waterfront Improvement Project (BWIP) goes out to 2032; stated the West End Community Improvement Project (WECIP) goes out to 2026; Alameda Point Improvement Project (APIP) goes out to 2031. In response to Vice Mayor deHaan's inquiry, the Development Services Director responded terms were not changed when the areas merged. Vice Mayor deHaan inquired whether more bonding efforts are anticipated. The Development Services Director responded in the affirmative stated there are limitations on when debt can be issued; debt can only be issued within the first twenty years of a project area's life; staff anticipates APIP'S project life will need to be extended through an amendment process. Vice Mayor deHaan inquired what terms are granted through the amendment process. The Development Services Director responded ten years would be requested; the normal life of a project usually coincides with the Regular Meeting Alameda City Council 9 May 19, 2009 | CityCouncil/2009-05-19.pdf |