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CITY OF SAN BERNi lDINO - REQUEST F R COUNCIL ACTION
From:
Fred Wilson, Assistant to the
City Administrator
Administrative
Su~ect: Report from General Obligation
Bond Blue Ribbon Committee relative
to the feasibility of a General
Obligation Bond Issue
Oept:
Date:
July 15, 1988
Synopsis of Previous Council action:
May 31, 1988
Formation of the General Obligation Bond
Blue Ribbon Co~~ittee was approved.
June 20, 1988
Selection of Committee Members approved by
Mayor and Council.
Recommended motion:
1. That the Mayor and Common Council place on the November ballot a
General Obligation Bond Issue in the amount of $48,040/000.
2. That Bond Counsel services of Orrick, Herrington and Sutcliffe
be retained and that an appropriation be made in an amount not
to exceed $5,000 from Account No. 001-092-53030 to fund these
services.
3. That a special meeting of the
July 27, 1988, to approve the
d Council be held on
te ocumentation.
Signature
Contact person:
Fred Wilson
Phone:
5122
Supporting data attached:
Ward:
FUNDING REQUIREMENTS:
Amount:
Source: (ACCT. NO.)
(ACCT. DESCRIPTION)
Finance:
Council Notes:
7S.0262
Agenda I tern No. l.1,
CITY OF SAN BERN. ;lDINO - REQUEST J JR COUNCIL ACTION
STAFF REPORT
The General Obligation Bond Blue Ribbon Committee was formed
by the Mayor and Common Council at their May 31, 1988 meeting
to consider the feasibility of a G. o. Bond Issue on the
November ballot. The Committee members consisting of Edward
Wheeler, Wade Byars, Shirley O'Conner, Bill Heitritter, John
Lightburn, Councilwoman Esther Estrada, Councilwoman Norine
Miller and councilman Tom Minor (other Members were not
available) have met on six separate occasions to discuss the
issue. This report represents a summary of the
recommendations that the Committee developed for
consideration by the Mayor and Common Council.
The projects considered by the Committee were based on the
Capital Improvement Project listing submitted by the Director
of Public Works as eligible projects for a General obligation
Bond Issue. This listing identified projects that were
needed throughout the City but lacked a funding source.
Presentations were made by the appropriate department heads
to the Committee on each of the proposed projects including a
discussion of alternate funding sources and the need for
them.
Based on these discussions with the department heads and
deliberations on the part of the Committee, the attached
listing of projects is recommended by the Committee for
consideration in a G. o. Bond Issue. The specific motion by
this Committee on the Issue was:
#1.
A recommendation be made to the Mayor and Common
Council to consider the issuance of G. o. Bonds in
an amount not to exceed $50,000,000 in conjunction
with alternate sources of revenue as referenced in
the list of the projects submitted by the G. O.
Bond Committee due the limited availability of
alternate funding sources.
#2.
\
That a separate recommendation be made to the Mayor )!
and Common Council urging that this motion be /
placed on the November ballot. ~
The actual amount of the projects on the attached list is
$48,040,000. It should be noted that the recommended funding
amount for the Mt. Vernon Bridge over the Santa Fe Yards is
$1,000,000 as the assumption was made that the remaining 80%
funding for this bridge would come from federal funding
sources.
If the Mayor and Common Council approve the recommendation to
place the G. o. Bond Issue on the November ballot, Bond
Counsel services will be needed to prepare the appropriate
ordinances and resolutions. The City Attorney's Office has
recommended that the services of the law firm of orrick,
75-0264
7~
Herrington and "ltcliffe be retained develop this
information. The ~ost to the City would be v5,000 for these
legal services.
The time frame to prepare this information will be extremely
tight assuming Mayor and Council approval is obtained on July
18, 1988. In order to meet the first critical deadline of
publication of the notice for submission of arguments which
is August 5, 1988, all of the necessary ordinances and
resolutions will have to be prepared and approved by the
Mayor and Council prior to this date. In order to give Bond
Counsel time to prepare this information within the specified
time frame, a special meeting will have to be held no later
than July 27, 1988 to approve the resolutions and ordinances.
Should the Mayor and Council approve the Committee's
recommendation, the recommended form motions would be:
1.
That the Mayor and Common .Council place on
November ballot a General obligation Bond Issue
the amount of $48,040,000.
the
in
2. That Bond Counsel services of Orrick, Herrington
and Sutcliffe be retained and that an appropriation
be made in an amount not to exceed $5,000 from
Account No. 001-092-53030 to fund these services.
3. That a special meeting of the Mayor and Council be
held on July 27, 1988, to approve the appropriate
documentation.
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C I T Y ) F SAN B ERN A R D N 0
INTEROFFICE MEMORANDUM
8807-1701
TO:
Dennis Barlow, Senior
:>
Attorney
Assistant
to the City
FROM:
Fred Wilson, Assistant to the city Administrator
SUBJECT: Bond Counsel Services for General Obligation Bond
Issue
cd
ex)
"'.-'f"''O
-'"V
i"T)
(;.
-~:
DATE:
July 12, 1988
(7499)
f"=
COPIES:
James Robbins/Shauna Clark
i:"~,;;:
-"
l..-,
-------------------------------------------------------------
'"V
~..,_.0
r-."
As you know, a Council appointed Blue Ribbon Committee mas
been meeting to discuss the potential for a general obli-
gation bond issue on the November '88 ballot.
It appears that a recommendation will be made by the
Committee to place such an issue on the November ballot.
Should the Mayor and Council concur with this recommendation,
bond counsel services will be necessary to prepare the
appropriate resolutions and ordinances, which will include:
1. Resolution initiating bond election proceedings.
2. Resolution requesting consolidation and ordering
the election.
3. Ordinance calling for the submission of the bond
proposition.
4. Ordinance calling the election.
The timeframe to prepare this information will be extremely
tight assuming Mayor and Council approval is obtained on July
18, 1988. In order to meet the first critical deadline of
publication of the notice for submission of arguments which
is July 27, 1988, all of the above resolutions/ordinances
will have to be prepared and approved by Mayor and Council
prior to this date.
Although I initially indicated that we would like to use
Orrick, Herrington & Sutcliffe as bond counsel, the attorneys
I was in contact with in this firm are not available due to
vacation conflicts.
As an alternate, I have contacted Richard Anderson of Best,
Best and Krieger in Riverside who has agreed to serve as bond
counsel and has indicated that they could complete th nec-
essary documentation in the specified timeframe. Public
INTEROFFICE MEMO& JUM: 8807-1701
Bond Counsel services for General Obligation Bond Issue
July 12, 1988
Page 2
Works has worked with this firm on some assessment districts
and recommends their services.
with your concurrence, we will like to use Best, Best and
Krieger to perform these services.
Your earlie~t reply would be appreciated as Mayor and Council
a royal will be needed on July 18.
to the City Administrator
FW:dem