01/29/2004 - Laserfiche WebLink

Home Browse Search

Meeting Minutes • January 29, 2004 Town of Los Altos Hills City Council Special Meeting Thursday, January 29, 2004, 7:00 P.M. Council Chambers, 26379 Fremont Road 1. CALL TO ORDER,ROLL CALL,AND PLEDGE OF ALLEGIANCE Mayor Cheng called the Special Meeting of the City Council to order at 7:05 p.m. in the Council Chambers at Town Hall. Present: Mayor Emily Cheng, Mayor Pro Tem Mike O'Malley, Councilmember Bob Fenwick, Councilmember Breene Kerr and Councilmember Dean Warshawsky Absent: None Staff. City Manager Maureen Cassingham, City Attorney Steve Mattas, Administrative Services Director Sarah Joiner, Accountant/Office Manager Cindy Higby and City Clerk Karen Jost Press: None Mayor Cheng, with the consensus of Council, reordered the Agenda. Item 3 was heard before Item 2. 2. DISCUSSION OF THE NEW TOWN HALL FINANCING Administrative Services Director Sarah Joiner introduced this item to Council. The staff report before Council included the Finance &Investment Committee's report presented to Council on January 15, 2004 and information from the League of California Cities on the different financing options available to municipalities. Joiner noted that Finance and Investment Committee members were present to answer questions and discuss the financing options with Council City Attorney Mattas reported that in response to an inquiry from Council at their last meeting regarding borrowing from Reserve Funds, he has reviewed the question and determined that it would, in general, be permissible. The funds would need to be repaid over time with the appropriate interest. Mattas noted that Bill Madison, law firm of Jones, Hall, Hill and White, was available to answer Council's questions on issues of municipal financing. Mayor Pro Tem O'Malley reviewed the Town's reserve balances as shown in the report • spreadsheets. O'Malley explained that if existing cash reserves are used to pay for the 1 Special City Council Meeting Minutes January 29,2004