2014-09-16 Joint CC SACIC MinutesJoint Meeting
Alameda City Council and Successor Agency
to the Community Improvement Commission
September 16, 2014
MINUTES OF THE SPECIAL JOINT CITY COUNCIL
AND SUCCESSOR AGENCY TO THE COMMUNITY
IMPROVEMENT COMMISSION (SACIC) MEETING
TUESDAY- -SEPTEMBER 16, 2014- -7:01 P.M.
Mayor/Chair Gilmore convened the meeting at 7:12 p.m. Boy Scout Troop 1015 led the
Pledge of Allegiance.
Roll Call - Present: Councilmembers/Agency Members Chen, Daysog,
Ezzy Ashcraft, Tam and Mayor/Chair Gilmore – 5.
Absent: None.
Oral Communications
None.
Consent Calendar
Agency Member Tam moved approval of the consent calendar.
Agency Member Ezzy Ashcraft seconded the motion which carried by unanimous voice
vote – 5. [Items so enacted or adopted are indicated by an asterisk preceding the
paragraph number.]
(*14-009 SACIC) Minutes of the Special Joint City Council and Successor Agency to
the Community Improvement Commission Meetings Held on March 18, 2014 and June
3, 2014. Approved.
Agenda Item
(14-371 CC/14-010 SACIC) SUMMARY: Approval of Actions to Refund Certain
Outstanding Bonds of the Former Community Improvement Commission of the City of
Alameda.
(14-010 A SACIC) Resolution No. 14-1, “Approving the Issuance of Refunding Bonds in
Order to Refund Certain Outstanding Bonds of the Former Community Improvement
Commission of the City of Alameda, Approving the Execution and Delivery of an
Indenture of Trust, Escrow Agreements and a Bond Purchase Agreement Relating
Thereto, Requesting Oversight Board Approval of the Issuance of the Refunding Bonds,
Requesting Certain Determinations by the Oversight Board, and Providing for Other
Matters Properly Relating Thereto.” Adopted; and
(14-371 A CC) Resolution No. 14967, “Approving Continuing Disclosure Procedures.”
Adopted.
Joint Meeting
Alameda City Council and Successor Agency
to the Community Improvement Commission
September 16, 2014
The Interim Finance Director gave a brief presentation.
In response to Vice Mayor/Agency Member Ezzy Ashcraft’s inquiry, the Interim Finance
Director stated bond insurance used to be quite common, but is not as common since
the recession; only two agencies sell bond insurance; closer to the time of the sale, staff
and the team will review whether there are any advantages and determine whether
purchasing insurance would produce better pricing and more savings.
Vice Mayor/Agency Member Ezzy Ashcraft inquired whether bond insurance
guarantees the rate, to which the Interim Finance Director responded the insurance
guarantees the bond holders would be paid if the City defaults.
Vice Mayor/Agency Member Ezzy Ashcraft inquired whether the General Fund savings
could be applied to the Other Post-Employment Benefits (OPEB) trust fund.
The Interim Finance Director responded the Council could make a policy decision to do
so; staff is not making any recommendations at this time; the matter could be addressed
as part of the budget.
Councilmember Daysog stated the bonds were issued when two redevelopment areas
combined in 2003; joining the areas provided funds for the movie theater; one area had
reached the end of its life; that he supported the issuance in 2003 and would support
the staff recommendation tonight.
Councilmember/Agency Member Daysog moved adoption of the resolutions.
Vice Mayor/Agency Member Ezzy Ashcraft seconded the motion which carried by
unanimous voice vote – 5.
Adjournment
There being no further business, Mayor/Chair Gilmore adjourned the meeting at 7:21
p.m.
Respectfully submitted,
Lara Weisiger, City Clerk
Secretary, SACIC
The agenda for this meeting was posted in accordance with the Sunshine Ordinance.