Laserfiche WebLink
<br /> REPORT: Redevelopment Agency Executive Director Church, February 24, 1997 <br /> Director Church asked the Agency Board to continue this item as the agreement was not <br /> yet finalized. <br /> I) MIS: BUCHAN/LA BERGE TO CONTINUE THIS ITEM TO THE REGULAR MEETING <br /> OF THE REDEVELOPMENT AGENCY OF MARCH 10, 1997. <br /> CARRIED BY UNANIMOUS VOICE VOTE. <br /> MINUTE ORDER NO. 07-97RD <br />------------------------------------------------------------------------------------------------------------------------- <br /> B. Insurance Commitment with the AMBAC Indemnity Corporation in connection with the <br /> proposed 1997 Redevelopment Agency Refunding Bonds (404) <br /> REPORT: Finance Director Ponty, February 24,1997 <br /> Redevelopment Agency Director Church presented the staff report and advised that the <br /> proposed resolution was the next step in the refunding approved by the Redevelopment <br /> Agency on January 6, 1997. Director Church advised that the "original authorization fTom <br /> the Agency Board was that the net savings per annum were to be $50,000 or more, and 3% <br /> of the par value of the Bonds. The net effect so far is that we have achieved 3.42% given <br /> today's numbers, but the net savings have only reached $46,000." <br /> Director Church said the bond underwriters have advised that this figure is "as good as it <br /> is going to get in the next three to six months." In response to Chairman Hartnett's <br /> questions, Director Church said changes in the guidelines were not necessary. <br /> 1) MIS: CLAIREIHOWARD. TITLE READ. <br /> RESOLUTION NO. RD 97-04 OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br /> REDWOOD CITY AUTHORIZING AGENCY OFFICERS TO PERFORM CERTAIN <br /> ACTIONS RELATING TO BOND INSURANCE IN CONNECTION WITH THE <br /> ISSUANCE AND SALE OF REDEVELOPMENT PROJECT AREA NO.2 TAX <br /> ALLOCATION REFUNDING BONDS, SERIES 1997 <br /> ADOPTED BY UNANIMOUS ROLL CALL VOTE. <br />------------------------------------------------------------------------------------------------------------------------- <br />4 CLOSED SESSION <br /> None held. <br />REGULAR REDEVELOPMENT AGENCY MEETING FEBRUARY 24,1997 <br />MINUTES MTNUTE BOOK NO.1 PAGE 2 <br /> Page No. 394 <br />