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After very lengthy negotiations, a tentative global settlement has been reached between Bank of <br />America, San Francisco (representing a number of cities and special districts) and the State of <br />California, for a grand total of $187.5 million. The City' s share is tinknown at this time. Staff will <br />bring a report to the City Council once it has more information about the various settlement <br />proposals. <br /> <br /> Ms. Ayala asked how many plaintiffs there were. <br /> <br /> Mr. Roush said there were over forty plaintiffs. In terms of the bad accounts, the City of <br />Pleasanton is one of the major players. <br /> <br /> Ms. Acosta said the City' s share would be significantly smaller than $1 million. <br /> <br /> Mayor Tarver asked what Mr. Roush meant by a major player. <br /> <br /> Mr. Roush said the City of Pleasanton had one of the larger dollar amounts in bonds. There <br />are two kinds of bonds: bearer bonds and registered bonds. The City had money in both bonds. <br /> <br /> Ms. Rossi said prior to 1986 many bonds were bearer bonds. Bearer bonds have a tendency <br />to sit unclaimed. Then in 1986 bonds had to be registered, which made it easier to trace the owner. <br /> <br /> Mr. Roush said for settlement purposes, the treatment of the bonds is different. He was <br />unsure how the percentages would be determined. <br /> <br /> Ms. Acosta said there would be many cities and districts that want a share. <br /> <br /> Mayor Tarver commented he is starting to feel comfortable with the replacement funding <br />levels that are shown. He asked if the carryovers were in mid-year. <br /> <br /> Ms. Rossi said the carryovers are from the first year of the two-year budget into the current <br />year. <br /> <br /> Mayor Tarver asked if money is rolled over, if not used for expenditures. <br /> <br /> Ms. Rossi said most of the items are routine and have been budgeted for. Some items are <br />shown pending because a purchase order has not been issued. <br /> <br /> Mayor Tarver understood that them is not an outstanding purchase order at the end of the <br />year, the funds go back into the General Fund account. <br /> <br /> Ms. Rossi agreed the balances are not just brought forward. The Finance Department <br />reviews the items and not everything is carded over. <br /> <br />Pleasanton City Council 6 11/17/98 <br />Minutes <br /> <br /> <br />