2004-02-17 APFA APIC and CC minutesMINUTES OF THE SPECIAL JOINT CITY COUNCIL,
ALAMEDA PUBLIC IMPROVEMENT CORPORATION AND
ALAMEDA PUBLIC FINANCING AUTHORITY MEETING
TUESDAY- -FEBRUARY 17, 2004- -7:27 P.M.
Mayor/Chair Johnson convened the Joint Meeting at 8:33
p.m.
ROLL CALL - Present: Councilmembers/Board Members Daysog,
Gilmore, Kerr, Matarrese and Mayor/Chair
Johnson - 5.
Absent: None.
AGENDA ITEM
(04-056CC) City Council Resolution No. 13680, "Approving Public
Utilities Board Action and Authorizing Negotiation, Execution, Sale
and Delivery of Certain Revenue Bond Anticipation Installment Sale
Financing Documents to Be Delivered in Connection with Amendments
and Agreements Related to the Continued Development, Construction,
Financing and Operation of the Citywide Hybrid Fiber Optic-Coaxial
Broadband Telecom System, and Authorizing, Ratifying and Directing
Certain Actions with Respect Thereto." Adopted.
(04-02APIC) APIC Resolution No. 04-11, "Approving, Authorizing and
Directing the Negotiation, Execution, Sale and Delivery of Certain
Revenue Bond Anticipation Installment Sale Financing Documents with
Alameda Power & Telecom (As the Bureau of Electricity Acting By and
For the City of Alameda) to Be Delivered in Connection with
Amendments and Agreements Related to the Continued Development,
Construction, Financing and Operation of the Citywide Hybrid Fiber
Optic-Coaxial Broadband Telecom System and Authorizing and
Directing Certain Actions with Respect Thereto." Adopted.
(04-01APFA) APFA Resolution No. 04-15! "Approving, Authorizing and
Directing the Negotiation, Issuance, Execution, Sale and Delivery
of Series 2004 Revenue Bond Anticipation Notes (Alameda Power &
Telecom) and Related Agreements and Instruments to Be Delivered in
Connection with Amendments and Agreements Related to the Continued
Development, Construction, Financing and Operation of the Citywide
Hybrid Fiber. Optic-Coaxial Broadband Telecom System and
Authorizing and Directing Certain Actions with Respect Thereto."
Adopted.
Vice Mayor/Board Member Daysog stated the $16 million bond
previously issued must be repaid; in addition, $7 million is needed
to complete the [telecommunications] project at Bay Farm and Harbor
Joint Meeting
Alameda City Council,
Alameda Public Improvement Corporation and
Alameda Public Financing Authority
February 17, 2004
Bay Island, which totals $23 million; $33 million is being
requested; inquired why there is a $10 million differential.
The AP&T General Manager responded that the $33 million consists of
the $16 million certificates of participation, $4.8 million of "new
money" and the remaining $12.2 million would be capitalized
interest expense.
Vice Mayor/Board Member Daysog inquired whether the $12.2 million
in interest was previously capitalized or future interest.
The AP&T General Manager responded that capitalized interest was on
the combination of the $16 million and $4.8 million.
Councilmember/Board Member Matarrese moved adoption of the
Resolutions.
Councilmember/Board Member Matarrese stated completing the project
is important.
Councilmember/Board Member Gilmore seconded the motion, which
carried by the following voice vote: Ayes: Councilmembers/Board
Members Gilmore, Matarrese and Mayor/Chair Johnson - 3. Noes:
Councilmembers/Board Members Daysog and Kerr - 2.
Councilmembers/Board Members Daysog and Kerr noted that their
reasons for voting against the bonds were stated at a previous
meeting [December 16, 2003 Regular City Council Meeting].
ADJOURNMENT
Chair/Mayor Johnson adjourned the Special Joint Meeting at 8:38
p.m.
Respectfully submitted,
Wo,
Lara Weisiger
City Clerk
Secretary, Alameda Public Financing
Authority and Alameda Public
Improvement Commission
The agenda for this meeting was posted in accordance with the Brown
Act.
Joint Meeting
Alameda City Council,
Alameda Public Improvement Corporation and
Alameda Public Financing Authority
February 17, 2004