04-30-1984 - Regular Meeting - MinutesADJOURNED REGULAR MEETING
OF THE CITY COUNCIL OF WEST COVINA AND THE CIVIC
CENTER AUTHORITY BOARD
April 30, 1984
_a
The adjourned regular meeting of the City Council of the City of West Covina
• with the Civic Center Authority Board was called to order by Mayor Bacon at
6:30 PM in the Management Resource Center, Room 315, at City Hall., 1444 W.
Garvey Avenue, West Covina, California. The Mayor led the Pledge of Allegiance.
ROLL CALL
City Council: Mayor Bacon, Mayor Pro Tem Tennant,,Councilmembers
Shearer, Chappell, and Manners.*
Civic Center: Chairman Krieger, Vice Chairman Adams, Members Mordoff
and Nordstrom (Tambe - absent)
Others Present: Fast,'Lennard,.Eliot,.Calmes, Fowler, Thomas, Miller,
Keating, Meacham, Volmert, Southard, Berry
JOINT MEETING WITH CIVIC CENTER AUTHORITY.BOARD REGARDING PUBLIC.SAFETY FACILITIES
IMPROVEMENTS AND FINANCING
After some introductory remarks, City Manager Fast intro-
duced William Reynolds of Rauscher, Pierce, Refsnes,- Inc.,
Presentation of Options bond consultants, who spoke on various methods of financing
available to the City options available for'the improvements to•the public safety
facilities. Mr. Reynolds discussed the advantages and dis-
advantages to each. -.of -the methods. He responded to questions
• and comments from'Council.
Mr. Charles Adams of Jones, Hall, Hill & White, Bond
Attorneys, commented.on the legal questions posed by Council.
It was noted =that on the approaches available to the City,
the bond.rating. would be an A rating.
Recess r..:=
Mayor Bacon r•.ecce:s.sed.the meeting at 7:17 PM. The meeting
reconvened •at -7i 22 PM.
Further discussion ensued clarifying:t}ie steps the City would
take to successful-ly<and legally undertake the refinancing
of:existing facilities. In essence, those steps are:.
1 City sells equity ' in `.lease:, of,"fac-ia:ity to. -lessor agency
2 Agency issues Certificates of Participations
.3 Truste,e receives sales proceeds
4. Trustee pays costs of issuance and public facilities
improvement costs
5 Remaining funds are invested in various funds
6 City purchasesgovernmentsecurities with general
fund reserves
7 Special capital fund spent on capital improvements
within 36 months
8 City Makes net lease payments
9 Trustee makes dubt service payments with payments
from City and earnings
• Mr. Reynolds noted that the'refinancing method proposed
for the City of West Covina has been addressed in the past
for other cities and successfully handled.
,Adjournment of Civic Center Authority Board
As there were no other matters before the joint bodies, a
motion -to adjourn the Civic Center Authority Board was
offered by Mordoff, seconded by Adams, and unanimously
carried. The CCAB adjourned at 8:15 PM.
L
CITY COUNCIL MEETING
AWARD OF BID
PUBLIC. WORKS
Resolution 5862 -
Installation of street
signs re Co. of L.A.
OTHER MATTERS
• Manners appointed to League
Environment Committee
ADJOURNMENT
April 30, 1984
Page Two
The City Council continued with City matters.
TRUCK FOR. THE MAINTENANCE DEPARTMENT - BID NO. 84-163
Council reviewed staff's report.
Motion by Shearer, seconded by Chappell, and unanimously
carried to award the bid for a Cab & Chassis truck to
Clippinger Chevrolet of .Covina in the amount of $16,551.59,
including tax.
COOPERATIVE PROJECT WITH THE COUNTY OE LOS ANGELES FOR THE
INSTALLATION OF ILLUMINATED.STREET NAME SIGNS
Council reviewed staff's report.
City Attorney presented:
RESOLUTION NO. 5862 - A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF WEST COVINA,, CALIFORNIA, CONSENTING TO
ESTABLISHMENT OF -THE INTERSECTIONS OF CALIFORNIA AVENUE
AT FRANCISQUITO AVENUE, ORANGE AVENUE AT BADILLO STREET,
ORANGE AVENUE AT FRANCISQUITO AVENUE AND WILLOW AVENUE AT
FRANCISQUITO AVENUE WITH•IN.SAID CITY AS A PART OF THE
SYSTEM OF HIGHWAYS OF THE COUNTY OF LOS ANGELES
Motion.by Tennant, seconded by Chappell',and unanimously
carried to waive further reading of the resolution and to
adopt.
Mayor Bacon noted he'would•not be able to attend the League
of California Cities,.Environmental Quality Committee, L.A.
Division,, due to an -ongoing conflict with the scheduled
meetings. He -said thtat Councilmember Manners would be
available ,for that position. Council concurred with the
appointment and staff was directed to draft a letter for
the Mayor regarding the appointment.
Council discussed dates for. upcoming budget workshop.
Council agreed on.the 6Eh.of June for budget workshop.
Motion by Shearer, ,seconded by Tennant, and unanimously
carried to adjoi'rn the meeting at 8:,20 PM.
ATTESTlz AZZ41W
City Cl er .
- 2 -