pages: CityCouncil/2010-06-24.pdf, 3
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CityCouncil | 2010-06-24 | 3 | the bond rating because of a past delinquency and resulted in a BBB between S&P and Fitch, Inc. Mr. Holmstedt responded S&P was a little more concerned about the initial Marina Village delinquency than Fitch, Inc. Councilmember/Authority Member Tam inquired whether the concern was because of the three highest taxpayer's delinquencies. Mr. Holmstedt responded only one of the top three taxpayers was delinquent; stated S&P was concerned about the delinquency. Councilmember/Authority Member Tam inquired whether the delinquency is the reason for dropping the rating from A- to BBB. Mr. Holmstedt responded in the negative; stated the A- rating is a result of restructuring; last week's single bond issue was rated BBB; having two ratings is the result of separating the homeowner portion from the business portion. Councilmember/Authority Member Tam inquired whether an A- rating is the result of aggregating both bonds. Mr. Holmstedt responded the higher rating is the result of separating the bonds and a pledge of all revenues first for the senior bond. Councilmember/Authority Member Tam inquired whether or not the CFD would be carrying the AD because of AD's poorer rating. Mr. Holmstedt responded in the affirmative; stated neither district would be supporting the other. Councilmember/Authority Member Tam stated Council wanted to focus on refinancing debt that would immediately affect the General Fund; however, the market was not that great at the time; tonight's recommendation is not in said category; inquired what would be WCH's fee. Mr. Holmstedt responded total financial advisory fees are estimated to be approximately $196,000. Councilmember/Authority Member Tam inquired whether WCH would get 70%. Mr. Holmstedt responded approximately; stated fees would go down if the transaction goes down; fees would not exceed $196,000. Special Joint Meeting Alameda City Council, Alameda Public Financing Authority, Alameda Ruse 3 and Redevelopment Authority, and Community Improvement Commission June 24, 2010 | CityCouncil/2010-06-24.pdf |