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,%W CITY COUNCIL TOWN OF LOS ALTOS HILLS 26379 Fremont Road Los Altos Hills, California MINUTES OF AN ADJOURNED REGULAR MEETING Wednesday, June 30, 1982 cc: Reel 135, Side II, Tract I, 000 -End Mayor Perkins called the Adjourned Regular Meeting of the City Council to order at 9:35 a.m. in the Council Chambers of the Town Hall. A. ROLL CALL AND PLEDGE OF ALLEGIANCE: Present: Mayor Perkins and Councilmembers Allison, Hillestad, Proft and van Tamelen Absent: None Staff: Acting City Manager Carlson, Secretary Press: Flo Pallakoff, Los M.D. Tarshes, City Engineer John Leslie Penfold Altos Town Crier Mayor Perkins requested to change the order of business on the Agenda, with "New Business" as first item. Council were all in concurrance. Mr. Tarshes, Acting City Manager, began his review of a report dated June 29, 1982 regarding Duties and Responsibilities of Acting City Manager, which indicated a list of principal proiects in order of priority. As the first priority Mr. Tarshes gave a brief review of the Town's present cash flow and indicated we are in need of Short Term Financ- ing, which is not an uncommon occurance with cities and counties at this time. Further noting, Mr. Tarshes indicated initial arrange- ments have been made with the Law Firm of Jones, Hall, Hall and White, (Bond Counsel) for a tax exempt certificate. The second priority Mr. Tarshes indicated was Matadero Creek Financing. Mr. Tarshes discussed the Palo Alto Unified School District's requirement for payment to the District for reconveyance fees and interest of all or most of the amounts received from initial lot sales, with the remaining principal due to the District by December 31, 1982. Mr. Tarshes noted a letter has been prepared and will be delivered today to Dr. Newman Walker at the District, outlining current information. Mr. Tarshes also noted alternate re -financing is a possiblity to be explored, and recommended that council may want to reconsider terms of sale after the July 7, 1982 meeting. As the third item of priority, Mr. Tarshes reported on the 1982/83 Budget, informing council that after talking with Town staff regarding revenue sources and with Sacramento not reaching any final action yet and himself not being adequately familiar, Mr. Tarshes suggested that he be given more time for review and possible revision and asked council to defer consideration of the budget so he may submit a proposed budget by July 26, 1982 with possible adoption in early August.