pages: CityCouncil/2010-07-20.pdf, 4
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CityCouncil | 2010-07-20 | 4 | contemplated hereby are consummated"; inquired whether the clause is typical because it appears as though AMP would be indemnifying the bank if the transaction does not go forward. Mr. Thimmig responded the Agreement is a standard Escrow Agreement; stated the document would be signed at the bond closing so the transaction would be moving forward; escrows would be very short and gross funded; enough money would be put in without reinvestment risk to repay the debt; excess money would come back to AMP; one of the two escrows is very sophisticated in that the taxable debt would be floating rate debt; a thirty-day notice would need to be given to bond investors; the taxable rate would be set every week; extra money would need to be put in at the maximum rate; the transaction fee is very little; the indemnity is over encompassing and strong; the City would have very little risk; the Agreement language is customary. Councilmember moved adoption of the resolution. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. (10-367) Introduction of Ordinance Amending the Alameda Municipal Code by Amending Subsection 8-7.11 (Recreational Vehicles, Trailers, and Boat Trailers) of Section 8-7 (Parking Prohibitions) of Chapter VIII (Traffic, Motor Vehicles and Alternative Transportation Modes). Introduced. Sergeant Lynch gave a brief presentation. Vice Mayor deHaan moved introduction of the ordinance. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. Councilmember Gilmore requested that Council receive an Off Agenda Report on how the permit process is working in six months. Mayor Johnson inquired how people would get a permit. Sergeant Lynch responded permits would be issued by dispatchers; the permit number would be keyed to the date and would be based on a twenty-four hour clock; officers would be able to call dispatch to see if a vehicle has a permit for a certain date. Mayor Johnson inquired whether people could obtain information on the City's website. Sergeant Lynch responded that he is planning on launching information on the website in addition to a press blitz. ORAL COMMUNICATIONS, NON-AGENDA Regular Meeting Alameda City Council 4 July 20, 2010 | CityCouncil/2010-07-20.pdf |