HomeMy WebLinkAboutMinutes 2006-02-24 CIFA
MINUTES
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CAPITAL IMPROVEMENT FINANCING
AUTHORITY
OF THE
CITY OF SOUTH SAN FRANCISCO
SPECIAL MEETING
FEBRUARY 24, 2006
MUNICIPAL SERVICES BUILDING
COMMUNITY ROOM
33 ARROYO DRIVE
(Cassette Tape No. 1)
1.
Call to Order
7:02 p.m. The Authority was called to order in conjunction
with the Redevelopment Agency.
2.
Roll Call:
Boardmembers Addiego, Gonzalez and Matsumoto, Vice
Chairman Garbarino and Chairman F emekes
3.
Public Comments
None
4. Resolution authorizing the purchase and sale of tax allocation bonds relating to the
Merged Project Area in the aggregate maximum principal amount of $80,000,000,
approving related documents and authorizing official actions
Staff report presented by Finance Director Steele.
The Board discussed and questioned the strategies for successive bond sales (if necessary),
bond size, annual debt service, cost of bond issuance, bond insurance, the cost benefit
analysis, term for bonds to mature, the City's credit rating, and bond financing v. paying
cash for smaller improvement projects.
Vice Chairman Garbarino requested his middle initial be corrected (change "L." to "A.")
on pages 98, 101, and 123.
Mr. Alex Burnette, representing Citigroup, responded to questions regarding the level of
the bond size and explained that this sale was somewhere in the middle, and the
importance of having bond insurance.
Motion-Addiego/Second-Garbarino: To approve Resolution No. CIFA 01-2006,
authorizing the purchase and sale of tax allocation bonds relating to the merged project
area in the aggregate maximum principal amount of $80,000,000, approving related
documents and authorizing official actions. Unanimously approved by voice vote.
5. Adjournment
Being no further business, Chairman Fernekes adjourned the meeting at 7:30 p.m.
Submitted by:
Approved:
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City of South San Francisco
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City of South San Francisco