02-02-1987 - Regular Meeting - MinutesM I N U T E S
ADJOURNED REGULAR MEETING
*OF THE WEST COVINA CITY COUNCIL AND A
SPECIAL MEETING
• OF THE WEST COVINA CIVIC CENTER AUTHORITY BOARD
February 2,�1987
The adjourned regular meeting of the City Council was called to order by Mayor
Shearer at 6:35 pm in the City Hall Management Resource Center, 1444 W. Garvey
Avenue, West Covina, California. The Pledge of Allegiance was led by Council -
member Manners.
ROLL CALL Mayor Shearer, Mayor Pro Tem Chappell, Councilmembers
Manners, Bacon, Tennant
Others Present: Fast, Eliot, Miller, Thomas, Fowler, Penfield, Berry,
Salazar
CALL TO ORDER OF THE CIVIC CENTER AUTHORITY BOARD
Chairman Nordstrom, Secretary Adams, Members Fertal,
Mordoff
Absent: Member Tambe
I. APPROVAL OF LEGAL DOCUMENTS AND AWARD OF BID FOR REFUNDING CERTIFICATES OF
PARTICIPATION FOR CIVIC CENTER FACILITIES
Mr. Andrew Hall of Jones, Hall, Hill and White, bond
• presentations
attorney, expl'aine-d the legal documents necessary to
to refund the existing bonds of the Civic Center facilities,
which::would.yield c'on,s:i.derable',de:btt-services%§avings:.:�.i_--�l-:.
Mr. Mark Young of E.F. Hutton presented an overview of
the financing structure and answered questions. He
noted the bond issue was given a rating of "A".
Civic Center:
Civic Center Authority action:
Resolution No. 73 -
RESOLUTION NO. 73 - A RESOLUTION OF THE CIVIC CENTER
approving refinancing
AUTHORITY APPROVING AMENDMENT OF LEASE AGREEMENT WITH
CITY OF WEST COVINA, APPROVING FORM OF TRUST AGREEMENT
AND ASSIGNMENT AGREEMENT, APPROVING FORM OF OFFICIAL
STATEMENT AND SALE OF NOT TO EXCEED $28,000,000 REFUNDING
CERTIFICATES OF PARTICIPATION, AND APPROVING.RELATED
DOCUMENTS AND OFFICIAL ACTION
Motion by Mordoff, seconded by Fertal, and unanimously
carried to waive further reading of the resolution and to
adopt.
City Council'action:
City Council: RESOLUTION NO. 7991 - A RESOLUTION OF THE CITY
Resolution No. 7991 - COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, APPROVING
approving refinancing AMENDMENT OF LEASE AGREEMENT WITH LOS ANGELES COUNTY/
WEST COVINA CIVIC_CENTER AUTHORITY, APPROVING FORM OF
TRUST AGREEMENT, APPROVING FORM OF OFFICIAL STATEMENT
AND SALE OF NOT TO EXCEED $28,000,000 REFUNDING CERTIFI-
CATES OF PARTICIPATION, AND APPROVING RELATED DOCUMENTS
AND OFFICIAL ACTION
Motion by Chappell, seconded by Tennant, and unani-
mously carried to waive further reading of the resolution
and.to adopt.
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MINUTES
. ADJOURNMENT -OF CIVIC CENTER AUTHORITY BOARD
February 2, 1987
Page Two
Motion by Adams, seconded by Mordoff, and unanimously
carried to adjourn the meeting at 6:55. pm.
II. STUDY SESSION - TRANSPORTATION ZONE
III. ORAL COMMUNICATIONS
ADJOURNMENT
ATTEST:
City Clerk
Human Services Director Gus Salazar introduced the
panel of speakers to the Council. There were repre-
sentatives from the Rapid Transit District, the
Los Angeles County Transportation Commission, and
the consultantsfor-the proposed transportation zone.
The consultant presented his proposal first, stating
that the level of service would remain the same as it
currently now stands, but that his proposal anticipates
saving $14 million. He outlined the steps necessary
to implement the proposed transportation zone.
The RTD representatives countered.with the current costs
of the RTD system and questioned the consultant's
projections.
The LACTC representative answered questions relating
to the Commission's requirement sw;i.th,'.which- ei,the7n7;-dr both
systems would have to comply. Y
The City Council asked many questions and felt it pre-
mature to make any commitments at this time. Staff
was directed to place the.item on the upcoming regular
Council meeting.
Motion by Tennant, seconded by Bacon, and unani-
mously carried to receive and file the report.
No one addressed the City Council.
Motion by Chappell, seconded by Bacon, and unanimously
carried to adjourn the meeting at 9:03 pm.
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