HomeMy WebLinkAboutMinutes 2012-05-16 SPECIAL MEETING
MINUTES
CITY COUNCIL
OF THE
c9 lIFOR� 1 �
CITY OF SOUTH SAN FRANCISCO
P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
CITY HALL CONFERENCE ROOM
400 GRAND AVENUE
WEDNESDAY, MAY 16, 2012
6:30 P.M.
1. Call to Order. Time: 6:30 p.m.
2. Roll Call. Present: Councilmembers Addiego,
Matsumoto and Mullin, Vice Mayor
Gonzalez and Mayor Garbarino
Absent: None
3. Agenda Review.
No changes.
4. Public Comments — comments are limited to items on the Special Meeting
Agenda.
None.
5. Review of bonding options for property acquisition.
Finance Director Steele presented the staff report outlining the three possible methods of
financing property purchases:
(1) Use of reserves;
(2) voter approved methods of either (a) general obligation bonds or (b) a special tax — each
requiring 2/3 of approval from the electorate; and
(3) the funding of a bonded indebtedness out of the General Fund. This would require budget
reductions in other areas of the General Fund and either pledging a valuable asset as collateral to
the bond holder or pledging a stream of revenue to fund the bonds.
Vice Mayor Gonzalez asked if there were any restrictions on these methods tied to sale of
properties.
Director Steele stated that at this point, he was not addressing any one particular property.
City Attorney Steve Mattas clarified the specific properties would be dealt with at subsequent
Successor Agency meetings. He did note there were restrictions on the sale of City properties,
but these restrictions mainly limited the sale process. Cities would not have the same flexibility
as former Redevelopment Agencies had with respect to sale of property.
6. Adjournment.
Being no further business, Mayor Garbarino adjourned the meeting at 6:42 p.m.
Submitted: Appro ed:
, di/42.4r,
. ' a J. Ma ne 1, City • erk Ri and A. Garbari o, Mayor
City o out an Francis o City of South San Francisco
SPECIAL CITY COUNCIL MEETING MAY 16, 2012
MINUTES PAGE 2