pages: CityCouncil/2015-02-03.pdf, 8
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CityCouncil | 2015-02-03 | 8 | Vice Mayor Matarrese stated the matter can be addressed whenever feasible. Mayor Spencer stated as part of the Quarterly Investment Report it states the City Treasurer reviewed the report and found it complies with the investment policy established. Councilmember Oddie moved approval of the staff recommendation. Councilmember Ezzy Ashcraft seconded the motion, which carried by unanimous voice vote - 5. (15-100) Recommendation to Accept Report on Sale of Successor Agency to the Community Improvement Commission of the City of Alameda 2014 Bonds. The Interim Finance Director gave a brief presentation. Councilmember Daysog the quality of the City's bond upgrades are a quality of the function, stability and economic growth of the City. Councilmember Ezzy Ashcraft stated staff has worked diligently to chip away at the deficit; efforts were recognized by the market that rewarded Alameda with the upgrade, which is a huge benefit. In response to Vice Mayor Matarrese's inquiry, the Interim Finance Director stated the bond upgrade is not one-time revenue and will carry through the year 2033. Councilmember Ezzy Ashcraft requested an explanation on the two credit rating weaknesses listed in Exhibit 1. The Interim Finance Director responded the first weakness is moderate tax payer concentration with significant outstanding assessment appeal; stated every parcel is assessed and every owner can appeal the assessment each year; Alameda has a moderate concentration of parcels within the redevelopment districts being appealed, which is a result of the economy; all appeals are expected to be settled in the two-year cycle; the second weakness is refunding indenture provisions that do not require the agency to set aside full annual debt service on 2014 bonds in the first half of every bond year; the provision is a function of the redevelopment changes the State made; Alameda can only file a Recognized Obligation Payment Schedule (ROPS) six month request for money; the State approve the request and forwards the request to the County; the County pays for just six months; the credit agency would like the City to receive the entire year's debt service in the first six months, but the Department of Finance will not do so. Vice Mayor Matarrese moved approval of the staff recommendation. Regular Meeting Alameda City Council 8 February 3, 2015 | CityCouncil/2015-02-03.pdf |