pages: CityCouncil/2021-10-19.pdf, 19
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CityCouncil | 2021-10-19 | 19 | Mr. Morales stated that he is a Director at UFI; he has over 30 years of public and corporate financing experience; he has a degree from the University of Michigan, a Masters of Public Policy from Harvard University, a Masters of Business Administration in Finance and Real Estate as a Dean's fellow from University of California Los Angeles; he has worked at Transamerica Corporation and abroad as a Technical Advisor for the United States Treasury and the Country of Paraguay; he has extensive derivative, mathematical and quantitative experience doing complex financial transactions, including P3's, derivative transactions and complex valuations and workouts. James Wawrzyniak stated that he is Bond Counsel from the law firm Jones Hall; Jones Hall is a bond counsel only firm which represents public agencies in public finance transactions including POBs, lease revenue bonds and other kinds of municipal financing; the Jones Hall firm is located in San Francisco, has been a bond counsel firm for 50 years and has represented hundreds of cities and local agencies throughout the State; he has worked with multiple cities around the Bay Area for the past 5 years; he previously practiced corporate law and graduated from Harvard Law School. Stated the idea has some merit and also carries a lot of risk; the City owes the public a thorough vetting of the matter before issuing any bonds; he and the City Auditor have not been involved in any discussions on the matter prior to tonight; he has not seen any public discussion; the appendix of the presentation includes a great outline of an outreach program, which includes Council workshops and community meetings; the City should follow the program outlined prior to taking any final action; expressed support for putting the matter on the ballot to have voters weigh-in; the resolution indicates the City is going for both judicial approval and approving an issuance; Section 4 of the resolution indicates hiring a finance team, which seems premature during the process to seek judicial approval; he is in favor of getting judicial approval; the approval puts the City in a place to make an educated decision; the matter requires more discussion in public and among Council; the City needs to fully understand the matter and risks: Kevin Kennedy, City Treasurer. Questioned how the bond payments will be made, if payments are by property taxes if renters would be charged and could landlords add the payments to rent if renters are not charged; stated the current residents ran up the bill and should be the ones to pay; payments can be made with money already held, such as the American Rescue Plan Act (ARPA) funding; expressed support for the idea of paying the cost over time: Jay Garfinkle, Alameda. Stated that he hopes the City can follow the plan on page 34 of the presentation; the decision is important; expressed support for a thorough analysis and considering the dollar amounts; expressed concern about the effect and impact on possible future borrowings; discussed a future infrastructure bond; stated that he is concerned about how the allocation of funds is going to be amongst the two groups; expressed support for a pro-rata approach and for a discussion on the possibility of involving voters; discussed the City of Oakland's similar experience not working out; stated the timing of the market is a crucial element; he is not 100% sure where the City is going; urged Council to consider the timing of the market; stated there is a long way to go before making the decision; the public needs to be involved; further communication is needed; future generations are stuck with the decision: Kevin Kearney, City Auditor. Mayor Ezzy Ashcraft requested clarification about how payments will be made and any implications for property owners. Regular Meeting Alameda City Council October 19, 2021 18 | CityCouncil/2021-10-19.pdf |