1998 SPEC MIN NOV 10 - Laserfiche WebLink

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RECESS: At 5:12 p.m. Mayor Pro Tempore Cook declared the meeting adjourned to Closed Session and at 5:53 p.m. meeting reconvened with all Members present. At 5:13 p.m. Mayor Gaytan joined Closed Session. CFD 90-1 (Mount Vernon Corridor) (continued) City Treasurer Michael Williams presented for Council consideration the following two alternatives related to the restructuring of the bonds for Community Facilities District 90-1 (Mt. Vernon Corridor) commonly referred to as the Plaza Las Glorias Project: 1. Continue our defense in the litigation with WHC III and hope for a favorable judgement. In addition we would need to attempt to resolve the issue of the unpaid taxes, penalties, and interest on the Lebanoff-McKnight property. 2. Cooperate in the restructuring of the existing bond issue. City Treasurer Williams recommended adoption and approval of the resolution authorizing the issuance of refunding special tax bonds, and approving and authorizing related documents and actions. This included the public sale of securities or limited public offering, the Preliminary Private Placement Memorandum, the Bond Purchase Agreement, Fiscal Agent Agreement, form of Opinion, Continuing Disclosure Certificates, the employment of financing professionals and authorization for official actions to be taken by staff. Motion by Councilmember Bennett, seconded by Councilmember Cook, to approve alternative #2 and to approve and adopt Resolution No. R-102-98. Unanimous vote. ADJOURNMENT: At 6:01 p.m. Mayor Gaytan declared the Meeting adjourned. CAROLINA P. BARRERA City Clerk 1. - -1 - r:,: - - - 1 -1. 1-11-- 1 .-,:r � -- . I - - , --- --- - - I x-_-., p i :' [ - - - � ---, -- 'I -,- -7-- - . .r- i - -1-1- �' =�--- - -, - , I �� -- T - - , -1 - - ---