CDC - Item 1 - Minutes 10-25-05MINUTES OF THE REGULAR MEETING
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
OCTOBER 25, 2005
The regular meeting of the Rosemead Community Development Commission was called to order
by Chairman Imperial at 7:25 p.m. in the conference room of City Hall, 8838 E. Valley
Boulevard, Rosemead, California.
The Pledge to the Flag and Invocation were waived as having been completed during the
meeting just adjourned.
ROLL CALL OF OFFICERS:
Present: Commissioners Clark, Nunez„ Tran, Vice-Chairman Taylor, Chairman Imperial
Absent: None
APPROVAL OF MINUTES: None
1. CDC RESOLUTION NO. 2005-17 CLAIMS AND DEMANDS
The following Resolution was presented to the Agency for adoption:
RESOLUTION NO. 2005-14 CLAIMS AND DEMANDS
A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF ROSEMEAD ALLOWING CERTAIN CLAIMS AND
DEMANDS IN THE SUM OF $40,617.85 - DEMANDS NO. 7720
THROUGH 7727.
Motion by Commissioner Nunez, second by Commissioner Tran that the Commission
adopts Resolution No. 2005-17. Vice-Chairman Taylor questioned the audit charge of
$5,000; it was explained that was a partial charge for the audit and that the final audit
reports have not been issued yet. Vote resulted:
Aye:
Clark, Imperial, Nunez, Taylor, Tran
No:
None
Absent:
None
Abstain:
None
The Chairman declared said motion duly carried and so ordered.
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2. CDC RESOLUTION 2005-18 - BOND REFINANCING
The following Resolution was presented to the Agency for adoption:
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION APPROVED THE REFINANCING OF CERTAIN OUTSTANDING
DEBT ISSUED IN CONNECTION WITH REDEVELOPMENT PROJECT AREA
NO. 1
Authorization was requested to refinance a portion of the Commission's tax allocation
bond debt in order to take advantage of lower interest rates resulting in savings.
Long term interest rates have declined since 1993 when bonds were issued; this will
results in savings for the City. Various financial institutions will be invited to submit
proposals for the action.
Consultants asked to answer questions included: Bill Bothwell (Horrick, Harrington, &
Sutcliff) and Keith Curry and Diane Hue (Public Financial Management). The city
manager referenced the last refinance recommendation by Keith Curry, which resulted in
an annual savings of $270,000 for the city.
A motion to discuss the item was put forth by Commissioner Nunez and a 2"d was issued
by Commissioner Clark. Commissioner Clark later amended his motion to direct the
wording on the authorization to call for Requests for Qualifications only and not a
Request for Proposals. The amended motion did not receive a 2"a
Vice-Chairman Taylor raised an objection to receiving detailed reports at the meeting and
not as part of the agenda packets delivered several days prior to the meeting.
Councilmembers requested more information and wanted to take part in choosing the
underwriter prior to approving the final proposal on November 22"a
Bond refinance proponents clarified that only authorization to proceed with the proposal
process was being requested at this stage.
The commission decided to approve the authorization to proceed with the proposal
process with a 5-0 vote and called a special meeting on November 8°i to select the
underwriter.
Vote resulted:
Aye:
Clark, Imperial, Nunez, Taylor, Tran
No:
None
Absent:
None
Abstain:
None
The Chairman declared said motion duly carried and so ordered.
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3. MATTERS FROM OFFICIALS - None
4. ORAL COMMUNICATIONS FROM THE AUDIENCE ON COMMUNITY
DEVELOPMENT COMMISSION MATTERS - None
5. ADJOURNMENT
There being no further action to be taken at this time, the meeting was adjourned at 7:58
p.m. The next meeting is scheduled for November 8`h at 8:00 PM.
Respectfully submitted: APPROVED:
Commission Secretary CHAIRMAN
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