2005-04-19 Joint APFA HABOC MinutesMINUTES OF THE SPECIAL JOINT HOUSING AUTHORITY BOARD OF
COMMISSIONERS AND ALAMEDA PUBLIC FINANCING AUTHORITY MEETING
TUESDAY- -APRIL 19, 2005- -7:25 P.M.
Chair Johnson convened the Special Meeting at 7:41 p.m.
Commissioner /Board Member Gilmore led the Pledge of Allegiance.
ROLL CALL - Present: Commissioners /Board Members Daysog,
deHaan, Gilmore, Matarrese, Commissioner
Torrey, and Chair Johnson - 6.
Absent: None.
AGENDA ITEM
(05- 02APFA) Public Hearing to consider authorization of Bond
issuance and borrowing for refinancing of apartment complexes, and
amendment of the Budget to include Rehabilitation Projects and
other related refinancing expenses;
(05 -02A) APFA Resolution No. 05 -16, "Authorizing the Issuance,
Sale and Delivery of the Alameda Public Financing Authority
Multifamily Housing Revenue Refunding Bonds (Eagle Village /Parrot
Village Apartments) 2005 Series A, Authorizing the Execution and
Delivery of and Approving Bond Documents and Other Related
Documents and Approving Other Related Actions in Connection
Therewith." Adopted.
HABOC Resolution No. 772, "Authorizing the Borrowing of Moneys for
the Purpose of Refinancing Multifamily Housing Developments and
Authorizing Execution and Delivery of and Approving Bond Documents
and Other Related Documents in Connection Therewith." Adopted.
Chair Johnson inquired how much the fees are for the bond
underwriter, to which the Executive Director responded $34,000.
Chair Johnson inquired whether price is involved in the Request for
Qualifications (RFQ) process, to which the Executive Director
responded in the affirmative; stated price is secondary; experience
in the area of housing bonds for housing authorities is primary.
Chair Johnson inquired whether the RFQ is brought to the Housing
Authority Board of Commissioners (HABOC), to which the Executive
Director responded the RFQ was brought to the HABOC at a meeting in
October.
Chair Johnson inquired whether the RFQ includes qualifications,
Special Joint Meeting
Housing Authority Board of Commissioners and
Alameda Public Financing Authority
April 19, 2005
scope of work, and proposed fees.
The Executive Director responded that the RFQ had an analysis of
the bond underwriter's qualifications; the experience was analyzed
with bond types and rating agencies, references, services to be
provided, fees, and the staff and principal's experience and
skills.
Chair Johnson inquired what were the range of fees, to which the
Executive Director responded a few of the fees were close; the firm
of Stone and Youngberg was the lowest or second lowest.
Chair Johnson stated getting the best competitive prices is
important; inquired how the bond counsel selection process was
completed.
The Executive Director responded that the City Attorney's office
has three firms under contract; two firms were contacted; one firm
had a conflict of interest; a fee equal to the lowest proposal was
negotiated.
Chair Johnson inquired whether the firms are under contract.
The City Attorney responded that a global RFQ was done in order to
create a panel; firms with expertise for legal services were
chosen.
Chair Johnson inquired how often a RFQ is done for that type of
panel, to which the City Attorney responded issuance is done for
each particular bond; providing the lowest price is a factor on the
criteria for bond counsel.
Chair Johnson inquired whether a RFQ is done for each bond issued,
to which the City Attorney responded in the affirmative.
Chair Johnson inquired how much are the bond counsel fees, to which
the Executive Director responded $30,000; the City was able to
negotiate a flat fee with Jones Hall versus a percentage of the
issuance of the bonds.
The City Attorney stated bond issuance provides enough time to
complete an RFQ.
Chair Johnson inquired whether the contracts for bond counsel and
bond underwriters are approved by the Council /Board of
Commissioners.
The City Attorney responded in the negative; stated the actual
Special Joint Meeting
Housing Authority Board of Commissioners and
Alameda Public Financing Authority
April 19, 2005
selection of legal counsel is vested in the City Attorney as
provided by the City Charter and the bylaws of the Alameda Reuse
and Redevelopment Authority, Housing Authority and CIC; the Council
cannot hire attorneys; only the City Attorney can sign a contract
for legal services.
Chair Johnson stated that she recollects that the Charter states
that the City Attorney can select Counsel with approval of the
Council.
The City Attorney stated that she has an outside legal opinion on
the matter; the Charter states that the City Council may empower
the City Attorney to employ special counsel; the Charter has been
consistently interpreted for a number of years, was reviewed by
outside legal counsel, and addressed before she started in 1989;
that the City Council, under the separation of powers doctrine,
cannot hire attorneys.
Chair Johnson inquired whether said interpretation of the Charter
states that the Council has no oversight or control over attorneys
hired through the City Attorney's office.
The City Attorney responded that the City Council and the City
Attorney have a balance; the individual contract with the
individual attorney is not signed by the City Council; the Charter
states that the City Attorney has to request a specific outside
counsel under Section 8 -5; the Council could refuse to fund that
attorney.
Chair Johnson stated that she is interested in having a competitive
process with all contracts to ensure the City gets the lowest
price; as a public entity, there is an obligation to open up
opportunities for everyone to do work for the City.
Commissioner /Board Member Daysog suggested revisiting the internal
process employed for bond issuing; stated the City Council should
have a voice in determining whether to sole source or go out to
bid; the bond issuance guidelines utilized by staff could easily be
translated into an ordinance; there are some other issues that the
City Attorney is raising regarding professional services that might
not translate easily.
Commissioner /Board Member Daysog moved adoption of resolutions.
Commissioner Torrey seconded the motion, which carried by unanimous
voice vote - 6. [Note: Commissioner Torrey is not a member of the
Alameda Public Financing Authority (APFA) ; therefore, the APFA
resolution was adopted by 5 ayes.]
Special Joint Meeting
Housing Authority Board of Commissioners and
Alameda Public Financing Authority
April 19, 2005
ADJOURNMENT
There being no further business, Chair Johnson adjourned the
Special Meeting at 7:55 p.m.
Respectfully submitted,
Lara Weisiger
Secretary, Alameda Public Financing
Authority
The agenda for this meeting was posted in accordance with the Brown
Act.
Special Joint Meeting
Housing Authority Board of Commissioners and
Alameda Public Financing Authority
April 19, 2005