The Council of the City of San Jose reconvened at 3:05 p.m., for a joint meeting with the Redevelopment Agency, Council Chambers at City Hall.
Present: Council Members: Campos, Chavez, Cortesé, Diquisto, LeZotte, Reed, Shirakawa, Jr. Williams, Yeager; Gonzales
Absent: Council Members: Absent: Dando (excused).
JOINT REDEVELOPMENT /COUNCIL ACTION
7.1 City Council and Agency Board actions related to issuance of Merged Area Redevelopment Project Revenue Bonds Series 2002 in an amount not to exceed $350,000,000.
(a) Adoption of a
resolution by the Agency Board:
(1) Authorizing the
issuance of Merged Area Redevelopment Project Tax Allocation Bonds Series 2002
in a principal amount not to exceed $350,000,000; and approving in
substantially final form the Fifth Supplemental Indenture of Trust with Union
Bank, as Trustee; and,
(2) By the Agency Board
approving in substantially final form the Notice of Sale and Preliminary
Official Statement (POS), and authorizing the distribution of the Notice
Inviting Bids and POS; and,
(3) By the Agency Board
authorizing the Executive Director to award the Bonds to the lowest bidder,
based on a true interest cost not to exceed six percent, with underwriter fees
not to exceed three percent of the par amount; and,
(4) By the Agency Board
authorizing all officers, agents and employees to take such actions and execute
such documents necessary and desirable to accomplish issuance of the Bonds; and
(5) By the Agency
authorizing Stone & Youngberg, the Agency’s Financial Advisor, to bid on
the sale of the Bonds; and,
(6) By the Agency Board
authorizing the Executive Director to qualify the Bonds for municipal bond
insurance and to purchase a surety bond.
(b) Adoption of a
resolution by the City Council approving the issuance of Merged Area
Redevelopment Project Tax Allocation Bonds Series 2002 in a principal amount
not to exceed $350,000,000.
Documents Filed: (1) Memorandum from Executive
Director Susan F. Shick, dated November 27, 2001, recommending adoption of said
resolution by the Agency Board. (2) Supplemental Memorandum from Executive
Director Susan F. Shick, dated November 27, 2001, stating reason for
supplemental information.
Discussion/Action: Upon motion by Vice Mayor Shirakawa, Jr., seconded by Council Member Reed and unanimously carried, Resolution No. 70726, entitled: “Resolution of the City Council of the City of San Jose Approving the Issuance and Sale of not to Exceed $350,000,000 Aggregate Principal Amount of Redevelopment Agency of the City of San Jose Merged Area Redevelopment Project Tax Allocation Bonds, Series 2002”, was adopted. Vote: 9-0-2-0. Absent: Dando, Yeager.
ADJOURNMENT
The Council of the City of San Jose adjourned at 3:06 P.M.
RON GONZALES, MAYOR
ATTEST:
PATRICIA L. O’HEARN, CITY CLERK