AND SAN JOSÉ
FINANCING AUTHORITY
The Council of the City of San Jose convened at 4:50 p.m. for a Joint Meeting with the San José Redevelopment Agency and the San José Financing Authority in Council Chambers at City Hall.
Present: Council Members: Chavez, Cortese, Dando, Diquisto, LeZotte, Reed, Shirakawa Jr.; Williams; Gonzales
Absent: Council Members: Campos, Yeager (both excused).
2 (a) Adoption
of a resolution of the Agency Board:
(1) Authorizing the issuance of
Redevelopment Agency of the City of San José Merged Area Redevelopment Project
Housing Set-Aside Taxable Revenue Bonds, Series 2002G and 2002H (collectively, the
"Bonds") in an aggregate principal amount not to exceed $70,000,000,
initially at a variable interest rate;
(2) Approving in substantially final
form the Bonds, Indenture, Fiscal Agent Agreement, Regulatory Agreement and
Declaration of Restrictive Covenants, Bond Purchase Agreements, Official
Statement and Remarketing Agreements; authorizing the Executive Director, or
her designee, to execute and, as appropriate, negotiate these documents and
other related documents as necessary.
(3) Authorizing the Executive
Director and the Director of Finance to take all necessary actions in
connection with the issuance of the Bonds.
(b) Adoption of a resolution of the City
Council:
(1) Approving the issuance of the Bonds by
the Redevelopment Agency; making a finding pursuant to Redevelopment Law that
the Merged Area will benefit from the projects funded by the Bonds that are
located outside of the Merged Area;
(2) Authorizing certain City
officials to take all necessary actions in connection with issuance of the
Bonds, which include the hiring of bond counsel and financial advisor.
(c) Adoption of a resolution of the City of San José Financing Authority approving in substantially final form and authorizing the Treasurer, or his designee, to execute Bond Purchase Agreements and Remarketing Agreements with Banc of America Securities LLC and Salomon Smith Barney, Inc. to serve as underwriter and remarketing agent for Series 2002G and 2002H, respectively.
Documents filed: (1) Memorandum from City Manager Del D. Borgsdorf and Redevelopment Executive Director Susan F. Shick, dated May 1, 2002, recommending the adoption of said resolutions. (2) Supplemental memorandum from Chief Deputy General Counsel Patricia A. Deignan, dated May 20, 2002, transmitting additional disclosure language proposed to be added to the Preliminary Official Statement based on proposals in the Governor’s 2002-2003 May Budget Revision pertaining to required payments to the Educational Revenue Augmentation Fund. (3) Supplemental memorandum from Redevelopment Executive Director Susan F. Shick and City Manager Del D. Borgsdorf, dated May 21, 2002, transmitting the draft Preliminary Official Statement for the Redevelopment Agency of the City of San José Merged Area Redevelopment Project Housing Set-Aside Taxable Revenue Bonds, Series 2002G and 2002H, as discussed in the April 29, 2002, Staff Report. (4) See Item 3.2(f) in City Council Minutes of May 21, 2002 for the April 29, 2002 Staff report from the Director of Finance, Scott P. Johnson, and the Redevelopment Agency Director of Finance & Administration, David Baum.
Discussion/Action:
William J. Garbett spoke in opposition to the proposal. Upon motion by Council
Member Chavez, seconded by Vice Mayor Shirakawa, Jr., and unanimously carried,
Resolution No. 70982 entitled: “Resolution of the Council of the City of San
José Approving the Issuance by the Redevelopment Agency of the City of San José
of its Merged Area Redevelopment Project Housing Set-Aside Taxable Revenue
Bonds, Series 2i002G and 2002H in an Aggregate Principal Amount not to Exceed
$70,000,000”; Resolution No. SJFA-53
entitled: “Resolution Authorizing the Execution and Delivery of a Bond Purchase
Agreement by and Among the Redevelopment Agency of the City of San José, the
City of San José Financing Authority and Banc of America Securities LLC and the
Execution and Delivery of a Bond Purchase Agreement by and Among the
Redevelopment Agency of the City of San José, the City of San José Financing
Authority and Salomon Smith Barney Inc.”; and Redevelopment Agency
Resolution No. 5282, were adopted.
Vote: 11-0-0-0.
The Council of the City of San José adjourned the Redevelopment Agency and the San José Financing Authority and the joint portion of the meeting adjourned at 4:51 p.m.
RON GONZALES, MAYOR
ATTEST:
PATRICIA L. O’HEARN
CITY CLERK