RES 93047 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 93-47 RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO SELL INVESTMENTS AND CALL BONDS FOR THE CITY'S SHARE OF STONERIDGE DEBT SERVICE WHEREAS, in 1988, the City satisfied its obligation to fund parts of Assessment District 1974-2 and 1974-4 by purchasing a U.S. treasury and a U.S. Agency security that would secure the City's debt service obligations to term in the year 2003; and WHEREAS, because bond interest rates have fallen, the City could now sell those investments at a premium and call all of its outstanding bonds; and WHEREAS, surplus funds exist in the City's debt service fund for Assessment District 1974-2 and 1974-4; and WHEREAS, at its meeting of April 20, 1993, the City Council reviewed the report (SR 93:158) of the Director of Finance recommending that the investments securing the debt service be sold at a premium, the bonds be called, and the General Fund receive the surplus funds, estimated at $900,000. NOW, THEREFORE, THE CITY COUNCIL OFT HE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: Authorizes the Director of Finance, with the approval of the City Manager, to sell (or transfer within the City's portfolio) at a premium the two investments dedicated to servicing the City's share of the Stoneridge Debt service. Section 2: Authorizes the purchase of such investments, which exceed five years, if the Director determines it is advisable to transfer the investments internally to the City's General Investment Pool. Section 3: Authorizes the Director of Finance, with the approval of the City Manager, to call all of the City's share of the 1974-2 and 1974-4 Stoneridge Assessment District Bonds.