CCMIN070186 - Laserfiche WebLink

437 school even though it may not be the safest. He suggested the overcrossing be placed further south where there are no houses, or go back to free bussing. Miss Bruen, 6731 Via San Blas, a student at Foothill High School, stated that the West Las Positas overcrossing is out of the way for many students, and that the new bus transportation would get chioldren to school too early and home late. She stated the proposed overcrossing would be a hugh benefit to the high school and the rest of the community. Ms. Elizabeth Hartsen, 6878 Corte Sonada, stated she supports the over- crossing. She stated she has five children in school and there are no longer any options to get students to school and to school related activities. She felt the overcrossing should have been constructed at the time Foothill High School was built. She contested the statement in the staff report that stated the overcrossing is now a matter of convenience, not safety. Mayor Brandes stated that no action will be taken on this item tonight. He instructed staff to proceed to get this project on the STIP priority list, and to keep this project in the Capital Improvement Program. Use of Street Sirens for Calling Fire Personnel to Major Fires Chief Hill presented his report (SR 86:274) dated June 19, 1986, regarding this matter. ~-~ Councilmembers Butler and Mercer stated they have never received any com- !ml plaints regarding the siren. Councilmember Mohr stated that since this matter was initiated by Council- member Wood she felt it would be appropriate to continue the item until he is present. Council concurred. Financing Plan for Proposition 4 Capital Projects Mr. Ernie Bodner, Bond Counsel representing Rauscher Pierce Refsmes, Inc., presented a proposed financing plan for the Valley Avenue Extension project, the Library, the contribution to the School District, and also included finance of the Police Department computer. He reviewed three alternative methods of financing plans: Certificates of Participation - Fixed Rates; Cer- tificates of Participation - Variable Rate Demand; and Pay-As-You-Go Financ- ing. He stated that on the basis of this analysis, fixed rate Certificates of Participation are not feasible based on current conditions in the tax-exempt municipal bond market and current opportunities to invest excess Proposition 4 monies. He advised it is possible, number-wise, to fund the proposed capital improvement program with a variable rate Certificate of Participation issue, provided a minimum spread of at least 2.35 percent is maintained between the reinvestment rate and COP variable interest rate through the year 2008/09. With proposed Federal tax law changes being considered by Congress there is some element of risk that prior interest rate spreads may not continue in the future, and that an additional element of risk could result if investment policies previously used to invest LAIF funds are changed. He stated it is also uncertain whether a qualified letter of credit bank will extend its let- ter of credit in view of the City's Proposition 4 appropriation limit. Mr. Bodner stated that because of the interest rate risks and uncertainties as- sociated with variable rate COP financing, the City may wish to consider fund- ing of the capital improvement program on a pay-as-you-go basis. Given pres- ent levels of investment rates available from LAIF, the City could experience 10 - 7-1-86