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