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901 <br />Councilman Henderson questioned whether Official Statement indicated a complete <br />statement of debt; questioned omission of reference to Leslie Properties title <br />to the property; valuation of improvements to the project; maximum interest <br />rates not specified, and other related questions. <br />Councilman Granger left the meeting at 7:45 P.M. <br />Mr. Davis replied to all questions presented by Councilman <br />Henderson as points raised. <br />Motion to approve Official Statement text in substantially the same form as pre- <br />sented to Council carried on roll call vote, Councilman Granger being noted absent, <br />Councilman Henderson voting no. (MINUTE ORDER #67-97) <br />Councilman Rosselli moved to adopt RESOLUTION NO. 5365 PROVIDING FOR THE ISSUANCE <br />OF $930,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 <br />RECLAMATION BONDS, SERIES B; AND AUTHORIZING AND DIRECTING THE SALE THEREOF, AND OF <br />$1,645,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 <br />facilities bonds, SERIES B, seconded;by Councilman Petersen. <br />On question, Councilman Henderson questioned item shown in the cash balance <br />statement of the GID 1-64, Series A Bond accounting relating to the Cargus Co. <br />option and asked if this had expired, or if it had to be done over again. Audi- <br />tor -Accountant advised this option was complete as far as the City was concerned, <br />plus some work done by DMJM on this matter, which had been paid for prior to this <br />fiscal year, but that option actually had never been taken up and no funds for it. <br />Councilman Henderson again stated her opposition to this proposed sale of Series <br />B Bonds at this time as felt private and public relationship could not be supported. <br />Motion carried on roll calf., Councilman Granger being noted absent, Councilman <br />Henderson voting no. <br />Councilman Petersen moved to adopt RESOLUTION NO. 5366 PROVIDING FOR THE ISSUANCE <br />OF $1,645,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. <br />1-64 1964 FACILITIES BONDS, SERIES B; AND AUTHORIZING AND DIRECTING THE SALE <br />THEREOF, seconded by Councilman Keckley and carried on roll call vote, Councilman <br />Granger being noted absent, Councilman Henderson voting no. <br />Presentation of Business License Tax Ordinance. Councilman Bury, Chairman of Business <br />License Committee, reviewed the study that had been made by a Committee composed <br />of City, Business and Chamber of Commerce representatives in an effort to update the <br />City's Business License Taxing procedures, the twofold objective of the Committee <br />being to revise the present outmoded Ordinance for equitability and modernization, <br />rather than for increased revenues, because changes to the existing ordinance <br />had not kept pace with new types of businesses or business practices and legislative <br />changes and had lost its effectiveness, as the fees now imposed are no longer <br />equitable. <br />He advised that the proposed ordinance provides that the base for determining the <br />tax will be the number of employees, rather than gross receipts, most businesses to <br />pay a base amount, depending on the type of business, i.e., retail, professional, <br />manufacturing, etc., in addition to an amount geared to the number of full time <br />employees, with each category having a ceiling or maximum amount of tax. <br />0 2l '81 <br />