pages: CityCouncil/2021-10-19.pdf, 18
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CityCouncil | 2021-10-19 | 18 | Councilmember Herrera Spencer inquired whether the $32,000 has been in full. The City Manager responded in the affirmative; stated the cost does not include the financial planning from earlier in the year. Councilmember Herrera Spencer inquired whether there will be additional costs paid to Mr. Morales or UFI for the next step in approvals or whether the $32,000 covers the next step. The City Attorney responded the validation action is a legal action; the associated legal fees have been shared confidentially in Closed Session and is subject to attorney-client privilege with respect to legal fees; the legal fees do not cover Mr. Morales' fees. Mr. Morales stated the services provided to-date include what is needed to validate; fees are covered in the quote provided by staff. Councilmember Herrera Spencer inquired whether multiple issuances of the bond over 20 years could occur and whether additional costs will be paid to UFI. Mr. Morales responded each time a bond financing occurs, fees are incurred; the City would pay firm staff, lawyers, financial advisors and underwriters for each transaction. Councilmember Herrera Spencer inquired how many transactions are anticipated and the estimated total cost at the end of 20 years. Mr. Morales responded typically, one bond is issued with a 20 year timeline; stated often there is an opportunity to refinance for cost savings within a 10 year period; the process is similar to a mortgage being refinanced in time; at least one transaction, possibly two, is a reasonable estimate. Councilmember Herrera Spencer inquired the dollar amount for each transaction. Mr. Morales responded the current market value is $90,000 to $100,000; stated that he anticipates the cost would go up in 10 years due to inflation. Councilmember Herrera Spencer inquired whether Council will be hearing from the City's elected Auditor and Treasurer. The City Manager responded that he has had discussion the with City Treasurer about involvement moving forward; noted the City Treasurer has his hand raised for public comment. Councilmember Herrera Spencer inquired whether the City Treasurer and Auditor are being allowed three minutes to speak or whether they will be treated as a paid consultant. Mayor Ezzy Ashcraft noted the meeting will proceed as usual, according to Council rules; stated a vote to extend speaking time can occur; however, four affirmative votes are needed. Councilmember Daysog requested each of the consultants provide personal background and certification information. Regular Meeting Alameda City Council 17 October 19, 2021 | CityCouncil/2021-10-19.pdf |