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402
<br /> Less Discount $ 186 , 966 , 00
<br /> or 7 . 99%
<br /> Coupon Interest Rate per annum 6%
<br /> Mr . Herman Zelles , representing Stone & Youngberg, City ' s financial Consultants for
<br /> Redwood Shores , read their firm ' s report and analysis of the bids , recommending
<br /> the sale , Mr . Zelles thereafter commented more fully on the various aspects
<br /> of the bids , in that it was their opinion a outstanding rate of interest received
<br /> in view of present bond market , significant differential noted as being Onto the
<br /> physical presence of Marine World and the actual commencement of residential and
<br /> proposed commercial developments on the site .
<br /> Councilman Rosselli moved to adopt RESOLUTION NO , 6043 SELLING 5360 , 000 PRINCIPAL
<br /> AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DTSTRICT NO , 1 -64 , RECLAMATION BONDS ,
<br /> SERIES D, AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON, Seconded by Council -
<br /> man Weymouth .
<br /> On question , Councilman Henderson noted point that Stone & Youngberg were not part -
<br /> icipating as part of the syndicate comprising the Associates of the Bank of America
<br /> in this bid , which participation had caused her concern in previous bids , but would
<br /> indicate her opposition to sale of bonds on same concerns as expressed previously
<br /> during presentation to Council of the Official Statement with regards to priorities ,
<br /> " dearness " of money , and her continuing opposition to financing District construction
<br /> with Municipal funds . Mayor Bury commented on concern of all under present economic
<br /> conditions , but stated inasmuch as this is a going project , this action needed for
<br /> capital requirements .
<br /> After further discussion by Council , motion carried on roll call vote , Councilman
<br /> Henderson voting no , Councilmen Rosselli and Weymouth and Mayor Bury voting yes ,
<br /> Councilmen Arnett , Keckley , and Petersen being noted absent .
<br /> Councilman Weymouth moved to adopt RESOLUTION NO , 6044 SELLING 52 , 340 , 000 PRINCIPAL
<br /> AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO , 1 -64 FACILITIES BONDS , SERIES
<br /> D , AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON, seconded by Councilman Rosselli
<br /> and carried on roll call vote , Councilman Henderson voting no , Councilmen Rosselli ,
<br /> Weymouth, and Mayor Bury voting yes , Councilmen Arnett , Keckley and Petersen being
<br /> noted absent ,
<br /> APPROVAL of work by sub-contractors in excess of 50% of the contract , for subdivision
<br /> improvements , Marlin Subdivision #1 , L , C . Smith Company , contractors , approved on
<br /> motion of Councilman Rosselli , seconded by Councilman Henderson . Staff reported this
<br /> action is necessary because of more than the allowable percentage of work being sub -
<br /> contracted by L . C . Smith in the recently awarded Marlin Subdivision #1 Improvements .
<br /> Motion carried ( MINUTE ORDER #69- 145 )
<br /> Mayor Bury suggested that Monday , July 21st , be declared a holiday for all City Employees
<br /> if possible , in view of the President ' s declaration of a national Holiday in order
<br /> that all citizens might have the opportunity to witness the TV programs of the
<br /> "Exploration of the Moon " as this fete will be noted as being the most significant
<br /> historical event of this Century . After ascertaining the favorable reaction of
<br /> Council members present and discussion of the problems which might ensue due to
<br /> scheduled public hearings set for Council on July 21st , Mayor Bury announced he would
<br /> poll the other members of the Council and a decision would be forthcoming as soon as
<br /> possible .
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