2001-02-20 APIC MinutesMINUTES OF SPECIAL ALAMEDA PUBLIC IMPROVEMENT CORPORATION MEETING
TUESDAY- -FEBRUARY 20, 2001- -7:25 P.M.
Chair Appezzato convened the Special Meeting at 7:41 p.m.
ROLL CALL Present: Board Members DeWitt, Johnson, Kerr and
Chair Appezzato - 4.
Absent: Board Member Daysog - 1.
MINUTES
(01-01) Minutes of the Annual Alameda Public Improvement
Corporation Meeting of February 6, 2001.
Board Member DeWitt moved approval of the Minutes.
Board Member Johnson seconded the motion, which carried by
unanimous voice vote - 4. [Absent: Board Member Daysog - 1.]
AGENDA ITEM
(01-02) Resolution No. 01-10, "Approving Lease and Leaseback of
Municipal Property in Connection with Issuance of Certificates of
Participation to Refinance Public Improvements by the City of
Alameda, and Approving Related Agreements and Actions." Adopted.
Board Member DeWitt moved adoption of the Resolution.
Board Member Johnson seconded the motion.
Under discussion, Board Member Kerr stated the City will save at
least $450,000; inquired whether $12 Million will be refinanced.
The Finance Director responded the amount is not to exceed $12
Million; some money has to be placed into escrow; savings come from
lower interest costs.
Board Member Kerr inquired whether the Utility Users Tax (UUT) was
being used to finance the Certificates of Participation.
The Finance Director responded General Fund money is used to pay
off Certificates [of Participation]; the UUT is a source of General
Fund [revenues] and is not directly pledged to pay the debt;
Special Meeting
Alameda Public Improvement Corporation
February 20, 2001
General Fund revenues are pledged to pay the debt.
In response to Board Member Kerr's inquiry regarding what is being
leased, the Finance Director responded there is a lease because
City Hall is pledged to the Alameda Public Improvement Corporation
(APIC); APIC issues the debt and the City pays APIC the debt
service as rent.
Board Member Kerr inquired whether there are any new uses planned
for the money.
The Finance Director responded bonds are being refinanced; projects
have been completed; new projects are not anticipated; the
refinancing is simply to realize lower interest costs.
Board Member Johnson noted up to $650,000 will be saved over the
life of the debt.
On the call for the question, the motion carried by unanimous voice
vote - 4. [Absent: Board Member Daysog - 1.]
ADJOURNMENT
There being no further business, Chair Appezzato adjourned the
Special Meeting at 7:45 p.m.
Respectfully submitted,
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Diane B. Felsch, CMC
Secretary, Alameda Public
Improvement Corporation
The agenda for this meeting was posted in accordance with the Brown
Act.
Special Meeting
Alameda Public Improvement Corporation
February 20, 2001