HomeMy WebLinkAbout120391AM_CCv0002.pdf MINUTES of an adjourned regular meeting of the City Council of the City of
Redlands held in the City Hall Plaza, 2 Citrus Avenue, Suite 15C,
on December 3 199 1, at 9:00 A.M.
PRESENT Charles G. DeMirjyn, Mayor
Carole Beswick, Mayor Pro Tem
William E. Cunningham, Councilmember
Swen Larson, Councilmember
Dee Ann Milson, Councilmember
James D. Wheaton, City Manager
Ronald C. Mutter, Assistant City Manager
Glen E. Stephens, City Attorney
Beatrice Sanchez, Deputy City Clerk
ABSENT None
Resolution No. 4820- Certificates of Participation-At this time Council met to consider
Resolution No. 4820 which approves all necessary legal documents relating to the
proposed refunding of two series of the City's outstanding Certificates of Participation
issued in 1986 and 1987 in order to achieve a lower rate of interest and to defer payment
of principal due on the certificates in 1992. The resolution also approves the execution of
a Lease Agreement, and Acquisition Agreement, a Ground Lease, a Trust Agreement, a
Reimbursement Agreement, a Remarketing Agreement, a Purchase Contract, a
Preliminary Official Statement and a Final Official Statement.
Also present to answer Council's questions were Norman McPhail, Bond Underwriter,
and Steve Chapman, Finance Director. Mayor Pro Tem Beswick was assured by City
Manager Wheaton that the figures being presented today are the same as those reviewed
by the Finance Committee. Mr. McPhail itemized the advantages, disadvantages, and
what savings can be realized. It was noted that the greatest savings will be seen the first
two years. Caution was stressed that the benefit to the City will be in savings and should
not be misconstrued as revenue. He also noted that additional action will be required in
January, 1992. Councilmember Larson concurred that now is an optimum time to
refinance the Certificates of Participation issued in 1986 and 1987.
Councilmember Larson moved to approve Resolution No. 4820, a resolution of the City
Council of the City of Redlands authorizing the sale of its Certficates of Participation
(1992 Refunding of 1986 Certificates of Participation and 1987 Certificates of
Participation), authorizing execution and delivery by the City of a Lease Agerement, a
Ground Lease, an Acquisition Agreement, a Remarketing Agreement, an Escrow Deposit
and Trust Agreement, a Trust Agreement and Purchase Contract, approving and
authorizing preparation and delivery of a Preliminary Official Statement and Final
Official Statement with respect to the issuance and sale of Certificates of Participation
(1992 Refunding of 1986 Certificates of Participation and 1987 Certificates of
Participation), appointing a Trustee, authorizing the issuance of such Certificates and
making other findings relating thereto. Motion seconded by Councilmember Beswick and
carried by the following vote:
AYES: Councilmembers Beswick, Cunningham, Larson, Milson; Mayor
DeMirjyn
NOES: None
ABSENT: None
There being no further business, the meeting adjourned at 9:55 A.M. to a closed session
for the purpose of discussing personnel matters.
Next regular meeting, December 3, 1991,. at 3:00 P.M.