MINUTES OF THE CITY OF SAN
JOSÉ/REDEVELOPMENT AGENCY BOARD
The Council of the City of San José convened in Joint Session with the Redevelopment Agency Board at 4:29 p.m. in City Council Chambers at City Hall.
Present: Council Members: Campos, Chavez, Chirco, Cortese, Dando, Gregory, LeZotte, Reed, Williams, Yeager.
Absent: Council Members: Gonzales (excused).
7.1 (a) Adoption of a resolution by the
Agency Board:
(1)
Authorizing the issuance of Merged Area Redevelopment
Project Tax Allocation Bonds Series 2003 in a principal amount not to exceed
$145,000,000; and approving in substantially final form the Fifth Supplemental
Indenture of Trust with Union Bank, as Trustee; and,
(2)
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)
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)
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)
Authorizing Stone & Youngberg, the Agency’s
Financial Advisor, to bid on the sale of the Bonds; and,
(6)
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 2003 in a principal amount not to exceed to $145,000,000.
Documents Filed: Memorandum
from Executive Director of Redevelopment Agency, Susan F. Shick, dated November
21, 2003, transmitting an enclosure for Item 7.1 Bond Issue action, providing
the Preliminary Official Statement.
Discussion/Action: William Garbett spoke on the issue. Council
Member Campos asked Staff to clarify in their memorandum as to when they were
going to bond and how the memorandum references to how the different Strong
Neighborhood Initiative (SNI) groups will be receiving that money, she wanted
to verity there have not been any changes to the SNI groups at this time. Executive
Director of Redevelopment Agency Susan F. Shick stated there have not been any
changes and they are intent on issuing those bonds but they will also be
returning on December 16, 2003 with an expenditure list to which Council will
have final approval on that. Upon motion by Council Member Williams, seconded
by Council Member Cortese, Agency Resolution No. 5450 and Resolution No. 71842,
entitled: “A Resolution of the Council of the City of San José Approving the
Issuance and Sale of Not to Exceed $145,000,000 Aggregate Principal Amount of
Redevelopment Agency of the City of San José Merged Area Redevelopment Project
Tax Allocation Bonds, Series 2002”, was adopted. Vote: 9-1-1-0. Noes: Reed.
Absent: Gonzales.
ADJOURNMENT
The Joint City Council/Redevelopment Agency Board meeting adjourned at .4:36 P.M.
PAT DANDO, MAYOR PRO TEMPORE
ATTEST:
DEANNA J. SANTANA, CITY CLERK