11-23-1992 - Regular Meeting - Minutes_r
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M I N U T E S
ADJOURNED REGULAR MEETING
WEST COVINA CITY COUNCIL
• November 23, 1992
The adjourned regular meeting of the West Covina City Council was called to order
by Mayor Manners at 5:35 pm in the City Hall Council Chambers, 1444 W. Garvey,
West Covina. The Pledge of Allegiance was led by Councilmember McFadden.
ROLL CALL Mayor Manners, Mayor Pro Tem Jennings, Councilmembers
McFadden, Herfert, Wong
Others Present: Starbird, Wylie, Thomas, Panas, Miller, Hanna, Koniarsky,
Yoshizaki, Irwin,,Salazar, Glover, Berry
1986 TAX ALLOCATION BONDS ADVANCE REFINANCING
(CONTINUED HEARING)
Mayor Manners explained that the hearing on this matter
was opened at the November 17th Councilr.meeting at which
Staff presentation time it was continued until this evening.
Controller Panas presented the history of the 1986 bonds
and described the proposedsrefinancingfstructure::i.iL
_c*_:.The:P.ublic Financing Authority will sell approximately
$22 million in bonds and loan the proceeds to the
Redevelopment Agency.
* The Agency will pay off the old bonds and make loan
payments to the Authority which will in turn make
debt service payments to the bondholders.
* Included in the new bond issue at the present time
is $2,750,000 which is earmarked for three projects:
1) One -stop counter at City Hall: $500,000
2) Parking structure seismic upgrade: $500,000
3) Fire Station No. 2:-$1,750,000
Bill Marticorena of Rutan and Tucker, bond counsel,
described the legal documents, noting that Council is
not locked into the.three.:abbveeprojectsbeven:.after
signing the documents.
Suzanne Harrell of Rod Gunn Associates, the City's
financial advisor, discussed the rate structure and the
window of opportunity around December 8, 1992.
Public —Testimony Mayor Manners asked for public comments in favoriof the
None proposed bond refinancing and no one addressed Council.
She asked for comments opposing the matter and again no
one addressed Council. The public testimony portion of
Public —Testimony —closed the hearing was closed.
Mayor Pro Tem Jennings commenced Council discussion
favoring the advanced refinancing proposal. He noted
his appreciation for finding a funding mechanism for
the three projects. He did emphasize that he would not
• want any of the money used for MRFs.
Councilmember Herfert stated his support for the refinan-
cing, but had reservations about the One -Stop Counter on
• the first floor at City',Hall.
Councilmember McFadden suggested staff look into the
possibilitytof:refinancing other bonds for other public
improvements.
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CITY COUNCIL MINUTES November 23, 1992
Page Two
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Mayor Manners supported the proposed refinancing as well
as the three projects earmarked for the funds.
• City Clerk presented:
Resolution 8899 - RESOLUTION NO. 8899 - A RESOLUTION OF THE CITY
approving issuance COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, APPROVING
and sale of bonds THE ISSUANCE, SALE AND DELIVERY OF WEST COVINA PUBLIC
FINANCING AUTHORITY 1992 REVENUE (TAX ALLOCATION) BONDS,
BY THE WEST COVINA PUBLIC FINANCING AUTHORITY
Resolution 8900 - RESOLUTION NO. 8900 - A RESOLUTION OF THE CITY
approving RDA borrowing COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, APPROVING
bond proceeds THE ISSUANCE OF THE WEST COVINA PUBLIC FINANCING AUTHORITY
1992 REVENUE (TAX ALLOCATION) BONDS, AND THE BORROWING
OF BOND PROCEEDS BY THE REDEVELOPMENT AGENCY OF THE CITY
OF WEST COVINA
Motion by Jennings, seconded by Wong, and unanimously
carried to waive further reading of the resolutions and
to adopt.
ORAL COMMUNICATIONS No comments offered.
Recess Mayor Manners recessed the City Council meeting at 6:53 pm
to convene the Redevelopment Agency and then the West
Covina Public Financing Authority. The City Council
reconvened at 6:58 pm.
Closed Session Motion by Wong, seconded by McFadden, and unanimously
carried to commence closed session to discuss a) real
property acquisition re 1628 and 1731 W. San Bernardino
Road and 1200 E. San Bernardino Road pursuant to Gov.
Code Section 54956.8, b) potention litigation pursuant
to Gov. Code Section 54956.9(a), and c) personnel matters
pursuant to Gov. Code Section 54957.6(a). Council re-
convened at 10:15 pm.
ADJOURNMENT Motion by Manners, seconded by Jennings, and unanimously
carried to adjourn the meeting at 10:15 pm to Wednesday,
November 25 at 7:00 am to continue the closed session.
ATTEST:
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• Janet Berry city rlpftk
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