HomeMy WebLinkAboutDOC001-5_CCv0001.pdf MINUTES of a regular meeting of the Governing Board of the Redlands Financing
Authority of the City of Redlands held in the City Council Chambers, Civic
di Center, 35 Cajon Street, at 3:10 P.M. on February 1, 2011.
VIM-
PRESENT Pete Aguilar, Chairman
Paul Foster, Vice Chairman
Jon Harrison, Member
Jerry Bean, Member
Bob Gardner, Member
ABSENT None
STAFF N. Enrique Martinez, Executive Director, Daniel J. McHugh, Attorney; Tina
Kundig, Controller/Treasurer; and Sam Irwin, Secretary
PUBLIC COMMENTS
No Treasurer - Steve Rogers observed the need for an independent elected
City Treasurer to represent the interests of City taxpayers and provide an
objective evaluation of refinancing and rate increase proposals.
CONSENT CALENDAR
The minutes of the regular meeting of January 18, 2011, were unanimously
approved as submitted on motion of Mr. Foster, seconded by Mr. Gardner.
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Bond Sale - Tina Kundig introduced Robert Porr, the City of Redlands
Financial Advisor, who presented a review of events leading to a proposal to
refinance the Redlands Financing Authority's Series 1999A Water and
Wastewater Revenue Refunding Bonds and a report of his latest findings
relative to financial market conditions and factors bearing on the decision to
refinance. The bottom line of the report was without accompanying water and
wastewater rate increases, the refinancing effort was not recommended. On a
motion of Mr. Foster, seconded by Mr. Harrison, the Board unanimously
agreed to receive and file the report.
ADJOURNMENT
The Governing Board's meeting of the Redlands Financing Authority was
adjourned at 3:34 P.M. to the next regular meeting scheduled for May 17,
2011.
,-Ajv —
Sam Irwin, 6*6reiary
Redlands Financing Authority
February 1,2011
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