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36� AGENDA (continued) ACTION TAKEN (continued) REPORTS Of CITY MANAGER (continued) REPORTS OF CITY MANAGER (continued) 4(continued) M/S Biagi/Letpzig to approve the proposed restructure of the Fair Oaks Comnunity Center Advisory 8oard as described in the Report of the City Manager of November 13, 1978 Carried unanimously by voice vote (MINUTE ORDER NO 78-260) �-------------------------------'-------------- ---------------------------°-------------------- , (Council recessed from 8 10 to 8 20 p m) 5 Financial report re GID No 1-64 for bond prospectus Financing Plan for General Improvement Distrtct 1-64 of Bartle Wells Associates 11/17/78 Letter from Mobil Oil Estates (Redwood) Limited 11/16/78 Mayor Barrett advised that in considering the sub,7ect report that tbe City Council is acting as the Board of Directors of GID 1-64 Councilman Norris asked for the record 1) for an explanatton of the difference between the original estimate and the present estimate for the total cost of the nine pro,7ects listed on page 2 of the Bartle Wells report, 2) whether there will be any shared financial responsibtlity for the interim dike (p 3), 3) the estimated cost to the property owner with regard to the discount (page 6), and 4) whether the bond service rate should only decrease or level in the future ' Director of Public Works Pusich replied to the questions and commented concerning details of the anticipated costs for each of the nlne pro- ,7ects listed on page 2 of the report, explainTng the reasons for any expected increases, and noting that all figures are very conservative Ra nd K 0'Neil, Bartle Wells Associates, descri ed t e approach used in preparing the ' f�nancial report, stating no change is expected in the bond market within the next six months which would make it advisable to spiit the bond , sale, and he recomnended against such sDeculation Mr 0'Neil advised it ts proposed that if funds � are not needed, arrangements be made to call back bonds ' In response to cortment regarding the posstble status of homeowners if the developer had to transfer property to nontaxable status, City Attorney Schricker pointed out that ther'e is no prohibition Council can put on a private land- owner to prevent it, and the matter would have to be taken into consideration if, and when, such an event occurred Lengthy discussion followed and Mr 0'Neil com- mented and replied to questions concerning de- tails of his report and the proposed bond sale Reg Mtg 11/20/78 Page 3 , V�'