HomeMy WebLinkAbout0446.091-
OCtober 10, 1991
I!ONORABLE CITY COUNCIL
Palo Alto, California
ClytC CENTER REFINANCING ST~TUS REPORT
Members of the Council!
This is an informational report and no Council action is necessary~
Report in-Brief
On October 25~ 1991 staff ~ill discuss the proposed refinancing of
the Civic Center with the Palo Alto Public Improvement Corporation.
Background:
In september 1983, tbe city of Palo Alto issued $5,920,000 in
Certificates of Participation to improve and repair City Hall~
staff has determined that over $50, OCO annual1~t CQuld be saved over
the life cf the financing by refinancing the debt neW', while
interest rates a:re relat.ively low.
On September 23, 19~1 the council approved a contract ~ith security
Pacific Nationa:l Bank tor the bank to act as the underwriter for
the refinancing of the Civic Center Certificates af participation~
Staff, Security Pacific National Bank, and Jones, Hall, HilI ,
White ~ill also review the possibility of financing $1.2 million
for Police ~ing st~engthening (CIP 18508) and $400,000 tor a fire
sprinkler system (CIP 19108J with the refinancing.
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Public !mprovemant CO.;rpor"tioD
In September 1991, the directors of the Palo Alto Public Imprcve
ment Corporati.on elected Betsy Bechtel, Ellen Fletcher, Frank
Patitllcci, and Kirxe com~tock as nev directors, replacing Enid
Pearson~ Stan Norton, Alan Henderson and Scott Carey. A certified
copy of the resolution is attached.
The next step is tor the Palo Alto F1JDlic Improvement Corporation
to discuss the proposed re.financing. The meeting of tbe Palo Altc
I~prove~ent Corporation is scheduled for October 25, 1991.
FUture Actions
After the Palo Alto Public Improvement Corporation approves the
refinancing, staff ~ill work vith the financing team to prepare the
preliminary official statement and necessary legal documents.
Staff ... ill return to Council for approval of the financing
documents and if it is determined that the financing of the Police
wing strengthening and fire sprinkler system should be included in
the refin:;tncing, staff 'Will give a detailed discussion of these
items in the report. Staff a,"'lticipates council ...... il1 need to
approve the financing in NQvember 1991.
Respectfully submitted,
/~;£foR
GORDON B. FORD
Treasury Manager
,;J!Uu,JO
'LY IlARRI~
ecto~ o~~~nce
EFL~71
sistant cit~nager
CMR:446:91 2
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RESOLUTION NO. M-9H
A RESOLUTION ELECTING DIRECTORS
PALO ALTO PUBLIC IMPROVEMENT CORPORATION
RESOLVED, by the Directors of the Palo AJ!o PubfiC fmprovement Corporation, Santa
Clara Couoly, Call1om ia. as fonows:
1. T't1at the 1000wing pe~scns are hereby eiected kJ act as Directors of the Corpo ratioll, 10
succeed Eni1 Pearson, ScOtt Carey, Aian Henderson and Stanley R. Norton:
Betsy Been:.1
Ellen Fletcf1er
Frank Patitucci
Kir.-:e CJ.~,o{
2. That said persons shaPl de1ermi~e by fot at the first annual meeting held afl:er the
approval of this Resoh.rtion which c,.M of the Jour S.~n seNe out the remalnlng term of tile Director
wllaseterm expires in September 1993; the remaining three persons shan be deemed 10 flave
been eleded 10 serve four-year terms expiring in September, 1995; all O-Irectors shan ser .... e until
(he election and qualilication oIlheir succesoors.
3. That a certified copy of this Resolution sha~ be transmitted to the City Councif of the
City of Palo Alto, Gali:omla, in the manner pl'ov1ded in the By!aws.
I hereby certify that the foreglJing resolution was appro ..... ed and the action set forth therein
duly taken b) the unanimous written consent of tile Board of D,rectors w?thout a meetirfg. such
consent having beSi1 gl\len pursuant to SecUon 1<2 of the Bylaws of the Palo Alto Public
Improvement Corporation, as evidenced by the written consents duly executed by each of the
Directors hereto attached and made a part hereof by reference.
..... Stanley ,. Norton, Secretary
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