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City Attorney Biggs announced that the City Council did meet in Closed Session and <br />declared there was no reportable action taken regarding the following matters of pending <br />litigation: City of Colton v. Club 215 and People v. Abe Beltran. <br />City Attorney Biggs announced that the City Council did meet in Closed Session <br />regarding one matter of significant exposure to potential litigation with no reportable <br />action taken. <br />Planning Commission Appointment for District 5 <br />With a consensus of Council, recommendation by Councilmember Sanders, directing City <br />Attorney Biggs to obtain any written, audio and video minutes from the City's which were <br />discussed in Closed Session including the San Bernardino County Board of Supervisors <br />and when the appropriate information is received to agendize the reconsideration of <br />ratification of Planning Commission appointment for District 5 as a Closed Session item. <br />IVDA <br />Councilmember Cook presented this item and motion made for approval to accept the <br />proposed concept relative to the revision of the Joint Exercise Powers Agreement with <br />regard to veto power of individual board members of the IVDA. Seconded by <br />Councilmember Sanders. Motion carried with Sandoval absent. <br />MAYOR AND COUNCIL COMMENTS <br />Mayor Gaytan asked City Treasurer Mike Williams to give us an update on the City's <br />bond rating. <br />City Treasurer Williams reported on a letter received from Standard & Poor's regarding <br />two bond issues that are rated of which one was down graded when the City was going <br />through financial problems. Previous to receipt of this letter Standard & Poor's was re- <br />evaluating our bond rating and had contacted Mr. Williams for additional information and <br />with the assistance of staff information was provided. He was told at that time to expect <br />further down -grading, however, the rating is now a Single B which is less an investment <br />grade but Standard & Poor's acknowledged that the positive steps that the City is taking <br />were recognized and the items that were listed which were negative issues were things that <br />the City was not directly responsible for, such as, unemployment rate, closing of military <br />bases and stagnated property values. <br />Councilmember Bennett informed Council regarding receipt of a letter of invitation from <br />SCAG regarding a Congressional Leadership Summit on April 11, 1997 and they have <br />requested support of this summit by Council in a form of a resolution which will be an <br />agenda item for the next Council Meeting. <br />5 <br />