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2004-02-17 APIC and APFA minutes
MINUTESOFTHESPECIALJOINTCITYCOUNCIL, ALAMEDAPUBLICIMPROVEMENTCORPORATIONAND ALAMEDAPUBLICFINANCINGAUTHORITYMEETING TUESDAY--FEBRUARY17,2004--7:27 P.M. Mayor/ChairJohnsonconvenedtheJointMeetingat8:33 p.m. ROLLCALL-Present:Councilmembers/BoardMembersDaysog, Gilmore,Kerr,MatarreseandMayor/Chair Johnson-5. Absent:None. AGENDAITEM (04-056CC)CityCouncilResolutionNo.13680,"ApprovingPublic UtilitiesBoardActionandAuthorizingNegotiation,Execution,Sale andDeliveryofCertainRevenueBondAnticipationInstallmentSale FinancingDocumentstoBeDeliveredinConnectionwithAmendments andAgreementsRelatedtotheContinuedDevelopment,Construction, FinancingandOperationoftheCitywideHybridFiberOptic-Coaxial BroadbandTelecomSystem,andAuthorizing,RatifyingandDirecting CertainActionswithRespectThereto."Adopted. (04-02APIC)APICResolutionNo.04-11,"Approving,Authorizingand DirectingtheNegotiation,Execution,SaleandDeliveryofCertain RevenueBondAnticipationInstallmentSaleFinancingDocumentswith AlamedaPower &Telecom(AstheBureauofElectricityActingByand FortheCityofAlameda)toBeDeliveredinConnectionwith AmendmentsandAgreementsRelatedtotheContinuedDevelopment, Construction,FinancingandOperationoftheCitywideHybridFiber Optic-CoaxialBroadbandTelecomSystemandAuthorizingand DirectingCertainActionswithRespectThereto."Adopted. (04-01APFA)APFAResolutionNo.04-15,"Approving,Authorizingand DirectingtheNegotiation,Issuance,Execution,SaleandDelivery ofSeries2004RevenueBondAnticipationNotes(AlamedaPower& Telecom)andRelatedAgreementsandInstrumentstoBeDeliveredin ConnectionwithAmendmentsandAgreementsRelatedtotheContinued Development,Construction,FinancingandOperationoftheCitywide HybridFiberOp t i.c+Co axLaLBroadbandTelecomSystemand AuthorizingandDirectingCertainActionswithRespectThereto." Adopted. ViceMayor/BoardMemberDaysogstatedthe$16millionbond previouslyissuedmustberepaid;inaddition,$7millionisneeded tocompletethe[telecommunications]projectatBayFarmandHarbor JointMeeting AlamedaCityCouncil, AlamedaPublicImprovementCorporationand AlamedaPublicFinancingAuthority February17,2004 BayIsland,whichtotals$23million;$33millionisbeing requested;inquiredwhythereisa$10milliondifferential. TheAP&TGeneralManagerrespondedthatthe$33millionconsistsof the$16millioncertificatesofparticipation,$4.8millionof"new money"andtheremaining$12.2millionwouldbecapitalized interestexpense. ViceMayor/BoardMemberDaysoginquiredwhetherthe$12.2million ininterestwaspreviouslycapitalizedorfutureinterest. TheAP&TGeneralManagerrespondedthatcapitalizedinterestwason thecombinationofthe$16millionand$4.8million. Councilmember/BoardMemberMatarresemovedadoptionofthe Resolutions. Councilmember/BoardMemberMatarresestatedcompletingtheproject isimportant. Councilmember/BoardMemberGilmoreseconded carriedbythefollowingvoicevote:Ayes: MembersGilmore,MatarreseandMayor/Chair Councilmembers/BoardMembersDaysogandKerr themotion,which Councilmembers/Board Johnson3.Noes: -2. Councilmembers/BoardMembersDaysogandKerrnotedthattheir reasonsforvotingagainstthebondswerestatedataprevious meeting[December16,2003RegularCityCouncilMeeting]. ADJOURNMENT Chair/MayorJohnsonadjournedtheSpecialJointMeetingat8:38 p.m. Respectfullysubmitted, ~ LaraWeisiger CityClerk Secretary,AlamedaPublicFinancing AuthorityandAlamedaPublic ImprovementCommission TheagendaforthismeetingwaspostedinaccordancewiththeBrown Act. JointMeeting AlamedaCityCouncil, AlamedaPublicImprovementCorporationand AlamedaPublicFinancingAuthority February17,2004