Laserfiche WebLink
Police Captain Warner, President of the Board of Directors of PAL, gave an <br />overview of the PAL program from it's inception to it's current status and goals for <br />the community. <br />Council Meg lbers asked various questions. <br />M/S HartnetttRuskin to adopt a resolution approving and authorizing execution of <br />agreement with Bay Area Bank and PAL, with the City of Redwood City as <br />"guarantor" of the loan. The loan will be in the amount of $1,500,000.00 to allow <br />for completion of the new PAL Community Center. <br />ADOPT RESOLUTION 14560 OF THE COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO A GUARANTY <br />FOR THE BENEFIT OF THE POLICE ACTIVITIES LEAGUE COMMUNITY CENTER <br />PROJECT AND AUTHORIZING OFFICIAL ACTIONS <br />The motion passed by a unanimous roll call vote. MINUTE ORDER 03 -269 <br />9. PUBLIC HEARINGS – CITY COUNCIL AND PUBLIC FINANCING <br />AUTHORITY <br />A. Public Hearing for Potential Loan to the Police Activities League — CITY <br />COUNCIL <br />Director of Finance and Financial Planning Ponty stated that the public hearing <br />would provide the City with the flexibility in using bond proceeds for the bond issue <br />recommended under Item 9.13. on the agenda. No action is required by the <br />Council other than to provide interested parties with the opportunity to speak on <br />the issue. <br />Mayor Claire opened the public hearing. No public comment was received. <br />M/S Ruskin /Howard to close the public hearing. The motion passed by a <br />unanimous voice vote. <br />City Council held a public hearing, as required under Section 147 (f) of the <br />Internal Revenue Code, to provide the City with the option of loaning up to <br />$1.5 million of bond proceeds to the Police Activities League. <br />MINUTE ORDER 03 -270 <br />Vice Mayor Ira left the dias due to a potential conflict of interest with a client <br />owning property adjacent to the retail /cinema project. <br />B. Approval of bond financing documents in connection with the issuance of City of <br />Redwood City Public Financing Authority (the "PFA ") Lease Revenue Bonds (the <br />"2003 Bonds ") – CITY COUNCIL AND PUBLIC FINANCING AUTHORITY <br />JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY NOVEMBER 3,200 <br />AND REDEVELOPMENT AGENCY MEETING MINUTES PAGE 6 <br />