pages: CityCouncil/2014-10-21.pdf, 10
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CityCouncil | 2014-10-21 | 10 | given as examples of projects that could be eligible to be funded by the excess bond proceeds; stated it would be up to the Council to budget the funds once the funds are received in the next Recognized Obligation Payment Schedule (ROPS) period which is in January, 2015; allocation of the funds would go through the standard budget process and staff would return to Council with specific recommendations about expenditures; the amendment is solely to encumber the funds and enter into an agreement in order to transfer the funds from the SACIC to the Council. The Assistant City Manager noted the funds require Stated Department of Finance approval before returning to Council for approval. Vice Mayor Ezzy Ashcraft inquired whether the decision about funding will return to the Council before the scheduled groundbreaking of the EOC, to which the Community Development Director responded in the affirmative. In response to Councilmember Daysog's inquiry, the Community Development Director stated the unexpended bond proceeds are restricted and can only be spent within the merged project area and for capital projects contemplated in the official statement for the original bonds. Vice Mayor/Agency Member Ezzy Ashcraft moved approval of the staff recommendation. Councilmember/Agency Daysog seconded the motion, which carried by unanimous voice vote - 5. (*14-455 CC/14-014 SACIC) Recommendation to Authorize the City Manager to Execute an Agreement Regarding Reinstatement of a Loan between the City of Alameda and the Successor Agency to the Community Improvement Commission of the City of Alameda. Accepted. Adjournment There being no further business, Mayor/Chair Gilmore adjourned the meeting at 7:47 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 October 21, 2014 | CityCouncil/2014-10-21.pdf |