HomeMy WebLinkAbout1996-11-21 City Council (9)City af PMo Alto
Mar ager*s Repar
TO:HONORABLE CITY COUNC~
FROM:CITY MANAGER DEPARTMENT:ADMINISTRATIVE
SERVICES
DATE:NOVEMBER 21, 1996 CMR:474:96
SUBJECT:APPOINTMENT OF DIRECTORS TO THE PALO ALTO PUBLIC
IMPROVEMENT CORPORATION
REQUEST
This report informs Council of the recent reappointment of Directors of the Palo Alto Public
Improvement Corporation.
RECOMMENDATION
This is an information report and no action is required.
EXECUTIVE SUMMARY ~
The Palo Alto Public Improvement Corporation (Corporation) was organized by the Council
as a nonprofit, tax exempt organization in 1983, as a mechanism to facilitate the financing
of improvements to the Civic Center. The City, through the Corporation, issued Certificates
of Participation in 1983 to finance the installation of a third elevator and seismic
restructuring of the Civic Center building. In 1992, new Certificates of Participation were
issued to refinance the original debt at a lower interest rate, and to finance the structural
retrofitting of the Police Wing of the Civic Center and to install fire prevention sprinklers in
certain areas of the buildings. The Certificates are funded by lease payments from the City
to the Corporation.
The Board of Directors of the Corporation is required to meet at least annually. Directors
are appointed by the Board itself, subject to Council disapproval. Article III, Section 5, of
the Palo Alto Public Improvement Corporation Bylaws states "... No Director (other than
Directors on the first Board of Directors) elected or appointed shall be deemed to be qualified
for the office of Director if the name of such Director is disapproved by the City Council of
CMR:474:96 Page 1 of 2
the City of Palo Alto, California, within 30 days of receipt by the City Council of the name
of such Director."
During the annual meeting of the Palo Alto Public Improvement Corporation on October 30,
1996, the following were appointed to a second term, which will be for the remainder of a
four-year term, ending September, 1999:
Betsy Bechtel
Ellen Fletcher
Kirke Comstock
Leland Levy
The remaining member, Gaff Woolley, is serving a term which expires in September, 1997.
No action by the Council is required unless it chooses to disapprove any of the Board
appointments.
PREPARED BY: Linda Craig, Senior Financial Analyst
DEPARTMENT HEAD APPROVAL: ~. ~~~)
Em~ y~arrison
Deputy City Manager,
Administrative Services
CITY MANAGER APPROVAL:
Manager
CC: rda
CMR:474:96 Page 2 of 2