04/15/1980 - Laserfiche WebLink

Home Browse Search

. . . . if MINUTES SPECIAL MEETING COMMUNITY REDEVELOPMENT AGENCY SANTA ANA, CALIFORNIA APRIL 15, 1980 The Special Meeting of the Community Redevelopment Agency of the City of Santa Ana was called to order by Chairman James E. Ward at 5:05 P.M. in the City Council Chambers, 22 Civic Center Plaza, Santa Ana, California. After the pledge to the Flag, roll was called: PRESENT ABSENT Gordon Bricken Daniel Griset Robert Luxembourger J. Ogden Markel Al Serrato (5:09 P.M.) James Ward Harry Yamamoto Others in attendance: Richard E. Goblirsch, Executive Director Dave Ream, Assistant Executive Director Stacey Creveston, Secretary Carl Thornton, Interim City Manager Keith Gow, City Attorney Edward Cooper, Assistant City Attorney Michael Whipple, Miller and Schroeder Municipals Pamela Wiget, Miller and Schroeder Municipals Andrew Hall, Jones, Hall, Hill & White Terry McCarty, Stone & Youngberg RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1980 The Chairman requested that staff give a report. The Executive Director stated that the Agency's bond counsellor, Andy Hall of Jones, Hall, Hill & White¡ the financial consultant, Terry McCarty of Stone and Youngbeig¡ and the underwriter, Michael Whipple of Miller and Schroeder were all in the audience. He stated that Mr. Hall would make a presentation regarding the format and procedures to be followed. Mr. Hall addressed the Agency suggesting that the Agency and Council hear an oral description of what the documents contained and how the financing is structured, and then return to the meeting of April 21 to adopt all of the documents required for the closing. Mr. Hall provided an oral description of the documents and the sequential steps of the SB-99 process from selling of the bonds through return on the bonds to bond holders. The Chairman. asked that Mr. Hall bring to the Agency's attention the areas that have changed. Mr. Hall stated that changes are occurring in the commitment contract, and that Miller and Schroeder could be~ter describe those changes. Mr. Yamamoto questioned the emergency of calling a special meeting if changes could be made at the next meeting. Mr. Hall stated that Miller and Schroeder could better explain the reasons, but stated that due to the interest rates rising, it was to everybody's benefit to close the transaction as quickly as possible before they go even higher, or the bond sale could fall apart.