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not before us tonight for a final decision, but that is, what to do with the additional monies, and not just what to do with it in terms of putting it in a pot in a general sense, but the criteria regarding which the expenditure of that money might be measured against. With respect to that third function, I think we ought to refer the entire issue back to the Housing and Human Concerns Committee to have them give it a comprehensive look and a formal recommendation to us, if this deal is approve as proposed. I don't think we need to have a sense of urgency in terms of their recommendation to us, because that money is going to come in over time and there are issues related to whether or not we in effect use the net present value of it in a way that there is a loan from the General Fund, or Reserves, so that in effect it is cashed out and paid back. There are a whole variety of circumstances. I would prefer to have that come back to us after the HHCC has had a full deliberative process." Council Member Hartnett said if that is the case, then what was before the Council tonight was the interdependent decision of approving the Resolution regarding the revised preliminary official statement and the enhanced financial terms. Finance Director Ponty said that was correct, and the Council was being asked if it wished to "approve the preliminary Official statement so that this deal could move forward." Director Ponty said the expenditure of those funds could be folded into the budget process if the Council so chose. He said that if the Council's decision took place outside the budget process it would take another ordinance to appropriate those funds. In response to Council Member Claire's questions, Director Ponty said the Age Institute is a non-profit organization and the parent company of Woodside Advanced Senior Care. He advised that Woodside Advanced Senior Care "will be purchasing the facility. ARV will be managing the facility under contract with Woodside Advanced Senior Care. There are really three players involved." He said the real owner will be the Age Institute. Council Member Bain said he was Chairman of the HHCC during the February 9 Council meeting, and the Committee "did not make any recommendations as to what the Council should do simply because we did not have the information at our fingertips. The bulk of what I had to say that night was that the HHCC should have been brought into the loop originally, which it has this time, and I'm glad to see that." In response to Council Member Bain's questions, Joe Litten, financial advisor to Woodside Advanced Senior Care Inc., said he had done almost 200 of these types of multi-family bond financings and 10 to 20% were senior facilities. He said sometimes the fees are put into the General Fund and sometimes they are appropriated for housing purposes. He said Millbrae, Contra Costa County, San Francisco Redevelopment Agency, San Diego and San Jose have all been involved in similar bond issuances. MIS: CLAIRE/HARTNETT. TITLE READ. RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF REVISED OFFICIAL STATEMENT FOR CITY OF REDWOOD CITY SENIOR LIVING FACILITIES REVENUE BONDS (WOODSIDE TERRACE) SERIES 1998; REGULAR COUNCIL MEETING MINUTE BOOK NO. 56 APRIL 27,1998 MINUTES Page No. 428 PAGE 25