HomeMy WebLinkAbout12/16/1985 - MINUTES CITY OF PALM SPRINGS
CITY COUNCIL MINUTES
DECEMBER 16, 1985
An Adjourned Regular Meeting of the City Council was called to order
by Mayor Bogert, in the Large Conference Room, City Hall , 3200
Tahquitz-McCallum Way, on Monday, December 16, 1985, at 4:30 p.m.
ROLL CALL: Present: Councilmembers Birer, Foster, Maryanov, Smith
and Mayor Bogert
Absent: None
LEGISLATIVE ACTION:
1 . CONVENTION CENTER FINANCING
Economic Development & Housing Director reported that the
first steps toward closing the financing are ready; and that
the deadline is the end of the year. He recommended that
the Council approve the secondary preliminary offering, which
will allow the underwriter to begin pricing the issue as (139
it hits the market; and other closing matters may be brought
back to the Council within a week. He stated that the
preliminary official statement would be printed in
substantially the same form, as submitted, and as on file
with the City Clerk; and the original credit enhancement
structure was not acceptable to Mitsubishi Bank, under the
installment sale contract, because of the City' s limited
ability to appropriate funds on-going without voter approval ;
that the structure has been changed to a lease, which does
not affect the pro-forma; that several banks, including
Mitsubishi , have expressed an interest; and two insurance
companies have expressed an interest in providing the credit
enhancement; and that staff is focusing on a fixed interest
rate, and looking to the underwriters to provide information
about the best rate.
He recommended that the Council adopt Resolution 15734-A,
to approve a secondary offering memorandum and ratify the
use of the preliminary secondary offering memorandum in
connection with the sale of the Certificates of Participation;
ratify staff actions; and repeal actions inconsistent
therewith; after which, it was moved by Foster, seconded
by Birer, and unanimously carried, Maryanov and Smith
abstaining, that Resolution 15734-A be adopted.
ADJOURNMENT
There being no further business, Mayor declared the meeting
adjourned. C
C JUDITH SUMICH
City Clerk