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2 , Ordinance amending Municipal Code relating to
<br /> rates of reimbursement and accounting for re -
<br /> imbursement of certain expenses incurred in
<br /> the performance of duties ;
<br /> seconded by Councilman Norris and carried . (MINUTE ORD�;K #73 -127)
<br /> Councilman Henderson moved to adopt ORDINANCE NO . 1577 ACCEPTING CONTRIBUTION OF
<br /> $ 56 , 974 FROM MOBIL OIL ESTATES (REDWOOD ) LIMITED OR STATED PURPOSES AND SUBJECT
<br /> TO SPECIFIED CONDITIONS ; AND APPROPRIATING $ 7 , 274 AND $29 , 700 OF SAID SUM FROM
<br /> UNAPPROPRIATED BALANCE SPECIAL DEPOSITS FUND AS RESERVES FOR ANTICIPATED CANCELLA4-
<br /> TION OF RECLAMATION BOND TAXES AND FACILITIES BONDS TAXES , RESPECTIVELY, DURING
<br /> FISCAL YEAR 1973 -74 FOR REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO . 1- 64 ,
<br /> seconded by Councilman Williams and carried on roll call vote .
<br /> Councilman Weymouth moved to adopt ORDINANCE NO . 1578 FIXING THE AMOUNT OF MONEY TO
<br /> BE RAISED BY TAXATION UPON THE TAXABLE PROPERTY WITHIN THE CITY OF REDWOOD CITY
<br /> AS REVENUE TO CARRY ON THE VARIOUS DEPARTMENTS OF SAID CITY FOR THE FISCAL YEAR
<br /> 1973 - 1974 , TO PAY THE BONDED INDEBTEDNESS OF SAID CITY FALLING DUE AND BECOMING
<br /> PAYABLE DURING SAID FISCAL YEAR TOGETHER WITH THE INTEREST THEREON , TO MAINTAIN
<br /> THE PUBLIC LIBRARY OF SAID CITY DURING SAID FISCAL YEAR , TO PROVIDE FUNDS FOR THE
<br /> RETIREMENT PLAN , TO PROVIDE FUNDS FOR PARKING DISTRICT NO , 1 , TO PROVIDE FUNDS
<br /> FOR GENERAL IMPROVEMENT DISTRICT NO . 1 - 64 , AND FIXING AND LEVYING THE TAX RATE
<br /> THEREFOR , seconded by Councilman Henderson and carried on roll call vote .
<br /> Mayor Keckley turned the meeting over to the City Manager to briefly bring Council
<br /> up to date on the proposal of Mobil Oil Estates (Redwood ) Ltd . , concerning GID
<br /> 1 -64 , Redwood Shores . He also noted that representatives from Mobil Oil and
<br /> City ' s Financial Consultants , Williams -Kuebelbeck and Associates , Inc . , were
<br /> present to discuss the proposal and to respond to any questions presented .
<br /> City Manager referred to previous proposals and reports that had been made avail -
<br /> able to the Council as background material . He noted , however , Staff had not
<br /> been in a position to make a specific report to Council containing policy recom-
<br /> mendations , particularly regarding the future use of financing techniques avail -
<br /> able through GID 1- 64 until now . He reminded Council that since subdivision or
<br /> physical development programs for the Redwood Shores area. - -with respect to the
<br /> future land use planning - -would be considered as part of the planning , zoning and
<br /> subdivision process , that all concerned City departments , boards and commissions
<br /> would provide on- going advice and recommendations regarding that portion of the
<br /> proceedings . Now , however , there appeared to be four broad and basic areas of
<br /> policy wherein sufficient information existed and a clear need was present for
<br /> decisions to be made and noted this was the purpose of the meeting but that no
<br /> decisions were meant to be made at this meeting ; that the matter required a good
<br /> deal of thought and answering of Council ' s questions . City Manager reiterated
<br /> the importance of Council ' s conclusions being made only after they were thoroughly
<br /> convinced their issues were fully answered . City Manager noted the four areas in
<br /> the proposal by Mobil Oil Estates , Ltd . , dated April 1973 re GID 1 - 64 as :
<br /> 1 Use of Refunding Bonds and Indemnification ,
<br /> 2 Re -definition of District -Developer Responsibilities Regarding Construction
<br /> of Public Improvements .
<br /> 3 ) Conditions for Lifting Current Moratorium on Issuance of Building Permits
<br /> Within GID 1- 64 ,
<br /> 4 ) Disposition of Previous Contribution Obligation of Leslie Properties Amount -
<br /> ing to Approximately S1 . 8 Million .
<br /> ( For full text , see City Clerk ' s file - -Mobil Estates , Ltd . , GID 1 - 64 )
<br /> Regarding the first area , City Manager noted that Mr . James L . Kuebelbeck , of
<br /> Williams -Kuebelbeck , would speak to any questions on the use of refunding bonds
<br /> as a financial device to defer current debt , and indemnification since this pro -
<br /> cedure would be critical to continued progress . It was recommended that the
<br /> utilization of refunding bonds by the District be approved by Council in princi -
<br /> ple , subject to conditions regarding the requirements for indemnification , the
<br /> financial obligation to be assumed by the developer in indemnification , and the
<br /> release of refunding and construction bonds from indemnification , generally as
<br /> recommended by Williams -Kuebelbeck , and in any event subject to the specific
<br /> approval of the District .
<br /> It was also recommended by the City Manager , and further substantiated by Mr .
<br /> Kuebelbeck , that the Staff be authorized and instructed to prepare an Indemnifi -
<br /> cation Agreement containing such specific conditions regarding the issuance of ._.,
<br /> refunding and construction bonds for subsequent review and consideration by the
<br /> District , if to be approved by Council .
<br /> City Manager also noted that the manner and timing of decisions regarding the
<br /> sale of refunding or construction bonds rested solely and finally with the Dis -
<br /> trict , as did the right and responsibility for defining "excess water and sewer
<br /> revenues " . In addition , it was made known that the possible use of sales tax
<br /> funds to assist bond redemption was a consideration that would rest entirely with -
<br /> in the discretion of the City Council on a year - to -year basis , and would not be
<br /> a continuing obligation .
<br /> 9/11/73
<br /> Adj . Reg , Mtg .
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