MINUTES OF THE CITY COUNCIL
SAN JOSÉ,
CALIFORNIA TUESDAY,
NOVEMBER 28, 2000
The
Council of the City of San José convened the San José Financing Authority
at 3:28 p.m. for a joint session in City Council Chambers at City Hall.
Present: Council Members - Diaz, Diquisto, Fiscalini, Powers, Reed, Shirakawa, Jr., Woody; Gonzales.
Absent: Council Members - Chavez, Dando, LeZotte
(all excused).
2 (a) Conduct
a Public Hearing concerning the approval of the proposed lease financing by the
City and the City of San José Financing Authority related to the financing of
certain expenditures incurred and to be incurred for the Ice Centre of San José
Refunding and Improvement Project.
(b) Adoption of a
resolution by the City of San José Financing Authority authorizing the issuance
of lease revenue bonds in the initial aggregate principal amount not to exceed
$25 million, in connection with Ice Centre of San José Refunding and
Improvement Project, authorizing and directing execution of an Indenture of
Trust and certain financing documents, approving the Official Statement, and
authorizing other related actions.
(c) Adoption
of a resolution by the City Council:
(1) Authorizing and directing the execution of
certain financing documents, including the Project Lease and other related
documents and directing certain related actions in connection with financing
for certain public capital improvements.
(2) Authorizing the City Manager to negotiate and
execute an agreement with Stone & Youngberg, LLP for financial advisory
services from January 1, 1999 until April 1, 2001, in an amount not to exceed
$72,500.
(3) Authorizing the City Attorney to negotiate and
execute an amendment to an agreement with Jones Hall for bond counsel services,
expanding the scope of services and increasing the maximum amount by $75,000,
for a total amount not to exceed $97,000.
(d) Adoption of an ordinance by the City Council
approving, authorizing, and directing the execution of a Project Lease in
connection with the Ice Centre of San José Refunding and Improvement Project.
(Finance)
Documents filed: Memoranda from Acting Director of Finance, Mark Burton, dated November 8, 2000, recommending adoption of said resolutions, and November 21, 2000, transmitting the draft Official Statement for the City of San José Financing Authority Taxable Lease Revenue Bonds Series 2000C.
Discussion/Action: William J. Garbett spoke in opposition to the proposal. Upon motion by Vice Mayor Fiscalini, seconded by Council Member Powers, and unanimously carried, Resolution No. SJFA-46, entitled: “Resolution of the San José Financing Authority Authorizing the Issuance of Lease Revenue Bonds in the Initial Aggregate Principal Amount of Not to Exceed $25,000,000 in Connection with Financing and Refinancing Certain Public Capital Improvements Consisting of an Ice Centre, Authorizing and Directing Execution of an Indenture of Trust and Certain Financing Documents, Authorizing the Negotiation of the Sale of Bonds, Approving an Official Statement, and Authorizing Other Related Actions”; Resolution No. 70032, entitled: “Resolution of the City of San José Authorizing and Directing Execution of Certain Financing Documents and Directing Certain Related Actions in Connection with Financing for Certain Public Capital Improvements”; and Ordinance No. 26251, entitled: “An Ordinance of the City of San José Approving, Authorizing, and Directing Execution of a Project Lease”, were adopted. Vote: 8-0-3-0. Absent: Chavez, Dando, LeZotte.
Adjourn the San José Financing Authority
The San José Financing Authority adjourned at 3:30 p.m.
RON GONZALES, MAYOR
ATTEST:
PATRICIA L. O’HEARN, CITY CLERK