pages: CityCouncil/2014-09-16.pdf, 20
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CityCouncil | 2014-09-16 | 20 | The Interim Finance Director gave a brief presentation. In response to Vice Mayor/Agency Member Ezzy Ashcraft's inquiry, the Interim Finance Director stated bond insurance used to be quite common, but is not as common since the recession; only two agencies sell bond insurance; closer to the time of the sale, staff and the team will review whether there are any advantages and determine whether purchasing insurance would produce better pricing and more savings. Vice Mayor/Agency Member Ezzy Ashcraft inquired whether bond insurance guarantees the rate, to which the Interim Finance Director responded the insurance guarantees the bond holders would be paid if the City defaults. Vice Mayor/Agency Member Ezzy Ashcraft inquired whether the General Fund savings could be applied to the Other Post-Employment Benefits (OPEB) trust fund. The Interim Finance Director responded the Council could make a policy decision to do so; staff is not making any recommendations at this time; the matter could be addressed as part of the budget. Councilmember Daysog stated the bonds were issued when two redevelopment areas combined in 2003; joining the areas provided funds for the movie theater; one area had reached the end of its life; that he supported the issuance in 2003 and would support the staff recommendation tonight. Councilmember/Agency Member Daysog moved adoption of the resolutions. Vice Mayor/Agency Member Ezzy Ashcraft seconded the motion which carried by unanimous voice vote - 5. Adjournment There being no further business, Mayor/Chair Gilmore adjourned the meeting at 7:21 p.m. Respectfully submitted, Lara Weisiger, City Clerk Secretary, SACIC The agenda for this meeting was posted in accordance with the Sunshine Ordinance. Joint Meeting Alameda City Council and Successor Agency to the Community Improvement Commission September 16, 2014 | CityCouncil/2014-09-16.pdf |