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<br /> ;
<br /> Mayor Michael J. Barrett M I N U T E S
<br /> Vice Mayor 8111 Rhodea ��� ,
<br /> � ��� C I TY COUNC I L
<br /> Councilmen �����
<br /> Marlo Blegl
<br /> Roben H. eury Veterans Memori al Bui 1 di ng
<br /> �eraid R. cnendier ,__./ 1455 Madi son
<br /> Marguerite Leipzig Md1"Ch 8, 1979
<br /> �
<br /> Bob NoMs i
<br /> �,�
<br /> (See also Minutes of March 6, 1979)
<br /> Ajourned Meeting
<br /> The Council of �he City of Redwood City met on this date at 9:38 a.m.
<br /> with Mayor Barrett presiding.
<br /> Councilmen present: Biagi , Chandler, Norris, Rhodes and Mayor Barrett.
<br /> Councilmen absent: Bury, Leipzig
<br /> Officials and staff present: City Manager Fales , City Attorney
<br /> Schricker, Assistant City Manager Smith, Director of Finance Ference,
<br /> City Clerk Hildebrand and Director of Public Works Pusich
<br /> Representatives of. Orrick, Herrington, Rowley & Sutcliffe, bond
<br /> counsel , and Bartie Wells Associates, municipal financing consul-
<br /> tants, were also present.
<br /> BOND BIDS AND SALE OF BONDS - GID N0. 1-64
<br /> continued from March 6, 19Z9
<br /> � " Mayor Barrett reminded Council that the meeting had been continued
<br /> from March 6, i979 for further consideration of the bond bids before
<br /> ,. , the bidder's deadline of noon today.
<br /> City Manager Fales stated that an amendment to the agreement whereby
<br /> participation by Mobil Oil Estates (Redwood� Limited would be in-
<br /> creased has been:prepared following further discussion with repre-
<br /> sentatives of Mobil .
<br /> City Attorney Schricker reviewed the salient featu.res of the proposed
<br /> amendment, notTng that the anticipated shortfall is $88Q,000 which
<br /> includes loss of estimated accrued interest. He referred to Schedule 1,
<br /> Item 6, relating to Marine World Parkway, stating that the estimated
<br /> amount for the project from the bond issue was $1,549,000. He ad-
<br /> vised that Mobil will increase their participation in that pro�ect
<br /> by $596,000 to $911,000. Further, he advised that Mobii will fully
<br /> fund the Steinberg�r levee construction in the amount of $284,000,
<br /> and no amount would be required from the bond proceeds for that
<br /> project for which Mobil was to have been reimbursed. Therefore, he
<br /> stated, the combined increased participation by Mobil of $596,000
<br /> for Marine World Parkway and $284,000 for the levee pro�ect would
<br /> make up the $880,000 shortfall . Mr. Schricker noted that Schedule 2
<br /> has been altered to .reflect the changes, advising that total Mobil
<br /> participation in the projects will now be $4,400,000.
<br /> �
<br /> Don Warren, President, Mobil Oil Estates (Redwood) Limited, advised
<br /> in response to question concerning the amount �to be expended by Mobil
<br /> "`'"" on the projects in 1979, that he agrees with the City Attarney's
<br /> estimate that approximately 80% or some $3,800,000 will be spent by
<br /> Mobil this year.
<br /> Adj .Mtg.
<br /> 3/8/79
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