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CityCouncil/2008-06-03.pdf,26 | CityCouncil | 2008-06-03 | 26 | The Finance Director responded in 2002 refinancing was done for reconstruction of City Halli stated tax increment bonds were done for the CIC in 2003. Councilmember/Authority Member deHaan inquired whether refinancing was done for interest rates only. The Finance Director responded City Hall reconstruction bonds were refinanced in 2002 and were originally issued in 2000. Councilmember/Authority Member deHaan inquired what was the impact over the out years. The Finance Director responded the debt service was the same level every year; the prime motivation for the current proposal is not to get interest rate savings, but deferral. Mayor/Chair Johnson stated the City needs to look long-term; the report only looks at short-term. The Finance Director stated staff reviewed the matter from a perspective that the proposal is not good for the long-term, but is what needs to be done in order to have budget capacity for the next two years. Mayor/Chair Johnson stated direction has been given to always look at long-term. Vice Mayor/Authority Member Tam stated it does not make sense to spend down the fund balance if the same interest is earned on the fund balance. Mayor/Chair Johnson stated it does not make sense to use the fund balance because the City has so many other things to pay for with the fund balance, such as deferred health care retirement costs; the City needs to be living within its means and not defer payments. Councilmember/Authority Member Gilmore stated the amount of money being deferred over the first two years is slightly under a million dollars; the extra money that would be spent over the life of the loan is $600,000. payments would be extended for two more years; she would like to hear from the City Auditor and City Treasurer. Mayor/Chair Johnson inquired how much the payments are for the last Special Joint Meeting Alameda City Council, Alameda Public 12 Financing Authority, and Community Improvement Commission Meeting June 3, 2008 | CityCouncil/2008-06-03.pdf |
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CREATE TABLE "pages" ( [body] TEXT, [date] TEXT, [page] INTEGER, [text] TEXT, [path] TEXT, PRIMARY KEY ([path], [page]) );