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Mr. Wilson stated that the change orders were available: The change orders mn <br />the gambit of different construction changes related to different quantifies, changes for <br />retaining walls that may have moved from one area to another, and the bridge <br />construction. <br /> <br /> Ms. McKeehan confirmed that staffis willing to provide copies of the change <br />orders. <br /> <br /> Ms. Ayaia was anxious about the additional $4 million dollars, which was more <br />than it was originally anticipated, from the sale of Certificates of Participation to fund the <br />Callippo Preserve Golf Course and Open Space project. <br /> <br /> Mr. Bmzosky asked where the $4 million dollars was coming from. . <br /> <br /> When the Certificates of Participation were sold for the Callippe Preserve Golf <br />Course, Mr. Wilson noted that stafftook advantage of the interest rates being lower than <br />anticipated, which created an additional $2 million dollars that could be funded. <br />Secondly, another $2 million dollars became available because the City was not required <br />to have a surety bond to guarantee payment. This created an additional $4 million dollars <br />from the sale of the Certificates of Participation, which amount has never been <br />appropriated and is still in the account for the golf course. Staffis now asking that the $4 <br />million dollars be moved over into the golf course project. He pointed out that the <br />General Fund is not contributing additional funds as part of this proposal. <br /> <br /> Mr. Bmzosky asked if it would take longer to pay offthe Certificates of <br />Participation if staff's recommendation were followed? <br /> <br /> Dave kemongcr noted that when it was determined to obtain the extra $4 million <br />dollars, the debt service was kept at the same amount as previously authorized by <br />Council; i.e., it was just the ability to sell $1.6 million dollars, which is what is believed <br />the amount of the golf course would be able to support. <br /> <br /> Ms. McKeehan noted that the interest rates were vastly better than originally <br /> anticipated. <br /> <br /> Mr. Iremonger concurred with Ms. McKeehan's comments and noted that in <br /> addition to the interest rates, the surety bond allowed the City to sell the debt without a <br /> reserve fund. Within that money, the City was able to keep the debt service at its <br /> projected $1.6 million dollars. <br /> <br /> Ms. Ayaia asked if there was an issue with respect to timing should she wish to <br /> continue this item in order to be able to review the 34 change orders. <br /> <br /> Mr. Wilson noted that that there was no critical time element other than the fact <br /> that staff has other change orders, which require money to be appropriated. If Council <br /> <br />Pleasanton City Council 9 01/20/04 <br />Minutes <br /> <br /> <br />