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SPECIAL ORDERS OF THE DAY (continued) Item No.1 (continued) Richard Hiscocks, Orrick, Herrington & Sutcliffe, Attorneys, San Francisco, described the health facility revenue bonds the City is being asked to issue, stating that they are entirely secured by the loan agreement with the nonprofit organization and that the City's credit is not affected by the transaction. Mr. Hiscocks described procedures, provided examples of health care facilities where such bonds have been issued by a city and replied to questions concerning details. Stuart Auchincloss, attorney for Peninsula Christian Church, replied to questions and commented concerning the financial circumstances of the persons expec ted to occupy the Center and the anticipated costs to them. Discussion followed and the speakers and City Manager Smith and City Attorney Schricker commented and replied to questions concerning the extent of any obligation to the City; whether an appropriate municipal purpose exists; the motivation of Church members in constructing the Center; the experiences of similar nearby projects such as "The Sequoias" operated by the Presbyterian Church or privately operated Channing House; the attractiveness of tax exempt bonds to certain buyers; the procedures which would be followed if the City were agreeable to issuing the bonds; and the City's requirements regarding terms and conditions. MIS: Rhodes/Britschgi to instruct the staff to check out all of the statements mentioned regarding the proposed Peninsula New Life Center and report back with facts and figures for the use of the City Council in determining if there is any interest in proceeding. CLARIFICATION: Council members sta ted that they would require a sta tement in writing that the project is to be independently financed and that the subject motion in no way suggests any endorsement of the project. The motion carried unanimously by roll call vote. MINUTE ORDER NO. 82-63 -------------------------------------------------r-------------------------------- REPORTS OF BOARDS AND COMMISSIONS REPORTS OF BOARDS AND COMMISSIONS None None ------------------------------------------------- ---------------------------------------------- REPORTS OF CITY MANAGER REPORTS OF CITY MANAGER 2. Proposed revised hours of operations for public auctions ORDINANCE AMENDING SECTION 6.2 OF CHAPTER 6l Title read. MIS: Bury/Biagi OF THE CODE OF THE CITY OF REDWOOD CITY, ORDINANCE approved for first reading ----~~~!~~~~_::_::~::_::_::::~:::::_:::_:::~::_-- _::::~:::~:_::_::~~_::~~_::::~--------------- I Report of City Manager and Director of Public I Works 4/26/82 Report of City Manager 5/6182 3. Transfer of sanitary sewerage capacity between Diamond Shamrock Corporation and D. K. Development Company (Horgan Ranch update) Planning Director Schroeter presented slides of the area known as Horgan Ranch, illustrating the history of the land use of the area and the annexations which have taken place or are pending, commenting on the zoning of the different parcels. Mr. Schroeter and City Attorney Schricker described provisions of the Williamson Act and related them to uses of the property. Reg .Mtg. 5/10/82 Page 2 </'77 cJ L--) ,