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ABSENT:0 <br />Status: 4-3-0-0 —Pass <br />23. Pension Debt Refinancing Update and Underwriter Selection <br />Department(s): Finance and Management Services <br />Recommended Action: 1. Receive and File Pension Debt Refinancing Update. <br />2. Approve the Selection of the following Underwriter(s) to assist the City with <br />refinancing its existing Pension Debt: <br />• Bank of America Securities, Inc.- Senior Manager <br />• Stifel Financial Corp. — Co -Manager <br />• Ramirez & Co., Inc. — Co -Manager <br />Moved by Councilmember Mendoza, seconded by Mayor Sarmiento to <br />Substitute motion to approve Bank of America and Ramirez & Co, Inc. as the <br />only Underwriters. <br />YES: 3 — Hernandez, Mendoza, Sarmiento <br />NO: 4 — Penaloza, — Phan, — Lopez, — Bacerra <br />ABSTAIN: 0 <br />ABSENT:0 <br />Status: 3-4-0-0 —Fail <br />MINUTES: Assistant Director of Finance and Management Services <br />Agency Sergio Vidal provided a brief presentation. <br />Council provided input to staff. <br />Councilmember Mendoza made a Substitute Motion to amend staff <br />recommendation. <br />Moved by Councilmember Lopez, seconded by Councilmember Phan to <br />Approve original recommended action. <br />YES: 6 — Bacerra, Hernandez, Lopez, Phan, Penaloza, Sarmiento <br />NO: 1 — Mendoza <br />ABSTAIN: 0 <br />ABSENT:0 <br />Status: 6 — 1 —0-0 —Pass <br />24. Fiscal Year 2021-22 Budget Workshop Session <br />City Council 14 5/18/2021 <br />