pages: CityCouncil/2021-10-19.pdf, 17
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CityCouncil | 2021-10-19 | 17 | On the call for the question, the motion carried by the following roll call vote: Councilmembers Daysog: Aye; Herrera Spencer: No; Knox White: Aye; Vella: Aye; and Mayor Ezzy Ashcraft: Aye. Ayes: 4. Noes: 1. *** Mayor Ezzy Ashcraft called a recess at 9:30 p.m. and reconvened the meeting at 9:48 p.m. *** (21-660) Recommendation to Support County of Alameda Participation in an Enhanced Infrastructure Financing District in Support of the Oakland Athletics Stadium at Howard Terminal. Not heard. (21-661) Resolution No. 15829, "Authorizing the Issuance of One or More Series of Pension Obligation Bonds (POB) to Refinance Outstanding Obligations of the City to the California Public Employees' Retirement System, Authorizing the Initiation of a Judicial Validation Action by the City Attorney, and Approving and Directing Related Matters." Adopted. Julio Morales, Urban Futures, Inc. (UFI) gave a PowerPoint presentation. (21-662) Mayor Ezzy Ashcraft stated a motion is needed to allow additional time; inquired how much time is needed. Mr. Morales responded 2 to 3 minutes. Mayor Ezzy Ashcraft suggested 5 additional minutes. Councilmember Knox White moved approval of allowing 5 additional minutes. Vice Mayor Vella seconded the motion, which carried by the following roll call vote: Councilmembers Daysog: Aye; Herrera Spencer: No; Knox White: Aye; Vella: Aye; and Mayor Ezzy Ashcraft: Aye. Ayes: 4. Noes: 1. Mr. Morales concluded the PowerPoint presentation. Councilmember Herrera Spencer stated that Mr. Morales is a consultant for the City; inquired how much Mr. Morales has been paid to date, plus any issuance additional costs; questioned the structure of payments to Mr. Morales. The City Manager responded the pension analysis has cost $32,000. Mayor Ezzy Ashcraft stated there is a second portion to Councilmember Herrera Spencer's inquiry related to issuance. The City Manager stated an issuance will require a financial advisor with a flat fee of $90,000 to $100,000. Regular Meeting Alameda City Council October 19, 2021 16 | CityCouncil/2021-10-19.pdf |