1988 JUN 29 ADJ MIN - Laserfiche WebLink

Browse Search

The second resolution,R-52-88, awards the sale of the bonds to an underwriter to be named prior to the Council. A Request for Proposals has been distributed. Interested underwriters are required to respond with their proposals by the afternoon of June 28, 1988. Five Bids were received. Smith Barney is the low bid Bond Purchaser and Union Bank has been designated as the Fiscal Agent. Ms. Keane stated if approved by Council, bonds will be delivered and bond proceeds disbursed on July 17, 1988. The City will then release to the property owners within the district the security they had previously posted. It is estimated that construction on the storm drain will begin immediately and should be completed within 120 days. Action adopting the first year's special tax should be taken tonight. Ms. Keane recommended that Council take the following action with respect to Community Facilities District 87-1: 1. Award contract for the construction of the Valley/Eucalyptus Storm Drain in the amount of $841,585 to the firm of Bonadiman- McCain. 2. Resolution No. 51-88 - Awarding Sale of Bonds and Approving and Authorizing Distribution of an Official Statement with Respect to Such Bonds. 3. Resolution No. R-52-88 - Providing for the Issuance of Series 1988 Bonds. Moved by Councilwoman Cisneros, seconded by Councilman Rios, to approve staff recommendations. Unanimous vote. PUBLIC HEARINGS: ORD. 0-18-88 Mayor Gonzales declared the continuance of the Public Hearing to Adopt Ordinance No. 0-18-88, Establishing A Procedure to Assess Public Infrastructure Fees. Assistant City Manager Keane reported that at this time, staff is not in a position to proceed. Staff will reschedule this for the July 19, 1988 Council Meeting. BI]DGF.T Adoption of Fiscal Year 1988-89 Budget, Resolutions Nos. R-53-88, R-54-882 R-55-88, and R-56-88. Assistant City Manager Keane reported the City Council held public hearings on June 13 and 14, 1988, on the City Manager's proposed Fiscal Year 1988-89 Annual Budget and the proposed allocation of revenue sharing. Ms. Keane stated Council's actions at these meetings have been incorporated into the budget resolutions before the Council tonight. 2