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C I T
~O F SAN BE R N A R dC)N 0
INTEROFFICE MEMORANDUM
8906-802
TO: Shauna Clark, City Clerk
FROM:
Deborah J. Nadeau, Administrative Assistant - City
Administrator
SUBJECT: Council Meeting -- June 10, 1989
DATE: June 6, 1989
COPIES:
-------------------------------------------------------------
In addition to the Budget Study session to be held on Satur-
day, June 10th at 9:00 a.m., the following item should be on
the Agenda:
Authorize participation by Lieutenant W. D.
Smith in the Police Foundation Intern Program
to be held in Washington, D.C. from June 12 to
September 12, 1989 for the purpose of conduct-
ing research and promulgating results relative to
drugs and violence for ultimate submission to
President Bush.
The Agenda item is attached.
If you have any questions, please do not hestiate to contact
me.
~Cf...~
Deborah J. Nadeau
Administrative Assistant
to the city Administrator
djn
-
~
Mayor Holcomb stated that ~had asked Jim Iverson, underwr~r of Miller and Schroeder,
to make a presentation regarding ili'..... Ll......... wuu.............. ' I - . j ''1"' 1 .. a_I ~.....".
+-l-.",,+- - L _..........ulc ....,u. ........... ..........._...._1 V' ..::I. ?I-..::I" L_.a' _ "-8-.:...... "'. ...f ~
~.?~ u:~ossible opportunities for generating additional monies i~~~.
M . J. urged the Council to seriously consider this proposal ~eviewed the
working relationship the City has had with Miller and Schroeder and explained that they
had pioneered the purchasing~f tax increment bonds in California and over the years had
satisfactorily handled over ,-half-billion dollars in funding various projects for the City.
He explained that he was aware of the loss of some funds last year, but pointed out that
the firm had taken steps to indemnify the City and the RDA against any losses.
\. :)
Mr. Jim Iverson, ~nior Partner, Miller & Schroeder, 505 Lomas Santa-fe Drive, Solano Beach,
thanked the Council for the opportunity to speak, and expressed his concern that actions to
rectify past errors were satisfactory to the City.
* ...
.
City Attorney Penman explained that a contract between the City and ASterwood had been
recommended by Miller and Schroeder in 1988, and it was later learned that M. & S. had
a financial interest in that contract. On July 7, 1988, the City Attorney's Office wrote
an opinion concluding that" .. .. .. ..
Mr. Penman also read a portion of an opinion prepared by Counsel for M. & S. as follows:
"
City aTtorney Penman stated there was a possibility his office would recommend the filing
of a lawsuit on this matter as the city/Agency has not yet received reimbursement of funds
that werilost in the FISLIC Transaction of 1988, and further, that it was his obligation
to advise the Council on legal matters.
Mayor Holcomb stated that the matter being considered is a policy matter rather than a
legal one.
Mr. Iverson stated that his firm is prepared to put money into an escrow account to represent
to the City that the City will be repaid should the City loose the appeal to FISLIC.
After City ATtorney Penman attempted to question Mr. Iverson regarding the legal opinion of
his counsel relative to Government Code Section 1090, and was called out of order by Mayor
Holcomb, he requested that the record show "that the Mayor is refusing to permit the elected
City attorney to bring to the attention of the Mayor and Common Council legal matters".
A discussion ensued relative to the duties of the City ATtorney as outlined in the City's
Charter.
. ~
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o
Mr.
1.
for
Iverson explained three concepts that he recommended that the City consider:
Refunding any outs~nding obligations where substantial)!fvings can result by selling
residual interest~ssuance of new tax exempt bonds; an~refunding of existing bonds.
"
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