HomeMy WebLinkAboutRDA Min 1986-05-27
5-27-86
May 27, 1986
The Redevelopment Agency of the City of Seal Beach met
in regular session at 6:45 p.m. with Vice Chairman Wilson
calling the meeting to order with the Salute to the Flag.
ROLL CALL
Present:
vice Chairman Wilson
Agency Members Clift, Hunt, Risner
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Absent: Agency Member Grgas
Also present: Mr. Nelson, Executive Director
Mr. Stepanicich, City Attorney
Mr. Joseph, Assistant City Manager
Mr. Thomas, Finance Director
Mrs. Yeo, City Clerk
WAIVER OF FULL READING
Clift moved, second by Hunt, to waive the reading in full
of all resolutions and that consent to the waiver of reading
shall be deemed to be given by all Agency members after
reading of the title unless specific request is made at
that time for the reading of such resolution.
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
Motion carried
AGENCY REORGANIZATION
SELECTION OF CHAIRMAN I
Agency Member Risner nominated Mrs. Wilson as Chairman.
Risner moved, second by Hunt, to declare nominations closed.
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
Motion carried
Mrs. Wilson was declared Redevelopment Agency Chairman
for 1986/87.
SELECTION OF VICE-CHAIRMAN
Agency Memper Clift nominated Mrs. Risner as Vice Chairman.
Clift moved, second by Hunt, to declare nominations closed.
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
Motion carried
Mrs. Risner was declared Vice Chairman of the Redevelopment
Agency for 1986/87.
MINUTES
Risner moved, second by Clift, to approve the
the regular meeting of April 28, 1986.
minutes of
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
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Motion carried
TAX ALLOCATION BONDS
The Executive Director reported that an opportunity exists
for the Agency to reduce its debt to the City, $1,009,786
plus interest of $444,717, through the issuance of tax
5-27-86
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allocation bonds at the current reduced interest rates.
He explained that a bond issue of $2,400,000 would allow
reduction of the indebtedness, the $1,000,000 remaining
available for capital improvements related to the Agency,
the annual debt service on the issue to be funded by unused
annual tax increment generated to the Agency. The Director
explained that it is important that the issue be made in
a timely manner prior to the enactment of a proposed federal
tax law under which such bonds would no longer have a tax
exempt status, and interest rates would increase considerably
over the current, more favorable bond market.
Risner moved, second by Clift, to authorize the Executive
Director to engage the services of a financial consultant
and bond counsel on a contingency fee basis to prepare
the enabling resolution, offical statement and other documents
needed for a tax allocation bond issue.
Agency Member Risner added that she would request the Executive
Director to consider more than one bond consultant before
making the selection, and to investigate if another bond
issue could be made in the future if additional tax increment
is available.
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
Motion carried
ORAL COMMUNICATIONS
There were no Oral Communications.
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ADJOURNMENT
Risner moved, second by Clift, to adjourn the meeting at
6:57 p.m.
AYES:
NOES:
ABSENT:
Clift, Hunt, Risner, Wilson
None
Grgas
Motion carried
-e~~
Chairman
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