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90.C. <br /> <br />CITY MANAGER COMMENTS <br /> <br />At the City Manager's request, Executive Director of Finance and Management Services Rod <br />Coloma reviewed the chronology of events prior to and since the declaration of bankruptcy <br />by Orange County. He reported Santa Ana's potential loss was $40.8 million on the $150.8 <br />million which had been invested in the Orange County Investment Pool. <br /> <br />City Manager David Ream said the primary impact of any loss would be on the City's capital <br />projects, but that federal and state capital projects such as the Courthouse and Interstate 5 <br />Freeway widening would still go forward. He anticipated additional Council actions would <br />be needed as the bankruptcy process unfolded. <br /> <br />RECESS TO CLOSED SESSION - 7:03 P.M. - ROOM 147 <br /> <br />The Brown Act permits the City Council to discuss certain matters without members of the <br />public present, provided the items to be discussed are posted 72 hours prior to the City Council <br />meeting. The following item was received for the December 19, 1994 Closed Session. <br /> <br />95.A. <br /> <br />CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION <br />(G.C. Section 54956.9) <br /> <br />Significant exposure to litigation pursuant to Section 54956.9(b) (specify number <br />of potential cases): One <br /> <br />No action was reported out of Closed Session. <br /> <br />RECESS CONTINUED - 7:55 P.M. - At 1419 S. Garnsey Street, Santa Ana <br /> <br />Councilmembers convened at the home of Mayor Pulido where the Councilmembers, Council <br />appointees, respective spouses, and several guests celebrated the Holiday through the sharing of <br />a potluck dinner and other Christmas festivities. <br /> <br />ADJOURNMENT - 11:58 P.M. <br /> <br /> uy <br />Clerk of the Council <br /> <br />CITY COUNC1L MINUTES 330 DECEMBER 19, 1994 <br /> <br /> <br />