HomeMy WebLinkAbout1981-02-10; Parking Authority; MinutesMeeti<ig of:
Time? of Meeting:
Date of Meeting:
Place of Meeting:
PARKING AUTHORITY (Special Meeting)
4:00 PM
February 10, 1981
Council caiambers
The meeting was called to order by CSiairman Richardson at 4:05 P.M
ROLL CALL: Present were Directors Richardson, Dunne, Chase
and Goodwin
Absent: Director McComas
APPROVAL OF MINUTES:
Minutes of the Special Meeting held January 20, 1981, were
approved as presented.
2. FISCAL AGENCY AGREEMENT WITH SECURITY PACIFIC BANK.
The City Attomey explained the need for the Fisccd Agent in
relation to the bond activity. He indicated Security Pacific is
the current Agent, and their rates are comparable and competitive.
He concluded by recommended that the Authority appoint Security
Pacific as the Fiscal Agent for the 1981 Parking Revenue Bonds.
The following Resolution was adopted:
RESOLUTION NO. 29, APPROVING A FISCAL AGENCY AGREEMENT BETWEEN
SECURITY PACIFIC NATIONAL BANK AND THE PARKING AUTHORITY.
Richardson
Dijnne
:hase
Soodwin
3. AWARD OF BONDS.
The City Attorney explained that the bid opening had taken place
at 11:00 a.m. in Los Angeles. He continued stating there had
been one bid, which was from Plaza Camino Real Partnership by
May Centers, Inc., and that the amount of the bid was
$1,380,000.
The following Resolution was adopted:
RESOLUTION NO. 30, AWARDING $1,500,000 1981 PARKING REVENUE BONDS
TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS, with the
insertion in Section 1, the name of Plaza Camino Real Partnership
by May Centers, Inc.; the amovmt of $1,380,000; the rate of
8%; and beneath yearsi the wording "as described in Resolution 23.
4, AUTHORIZATION FOR PAYMENT OF PORTION OF BOND PROCEEDS TO
PLAZA CAMINO REAL.
The City Attorney explained that adoption of the following
Resolution would authorize the final actions necessary to com-
plete, the bond transaction. He further explained that due to
the requested rating and insurance on the bonds, it had been
determined that $100,000 would be an adequate and appropriate
amo'ant of money to cover the cost of issuance. He concluded by
explaining the final actions that will take place, including the
transfer of funds.
The following Resolution was adopted:
RESOLUTION NO. 31, AUTHORIZING PAYMENT OF A PORTION OF BOND
PROCEEDS TO PLAZA CAMINO REAL.
Richardson
Dunne
Chase
Goodwin
Richardson
Dunne
Chase
Goodwin
Richardson
Dunne
Chase
Goodwin
February 10, 1981 Page 2
ADJOURNMENT:
By proper motion, the meeting was adjourned at 4:18 P.M.
Respectfxally submitted.
ALETHA L. RAUTENKRANZ ,^
Clerk of the Authority