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04-21-2015 CC MINUTES
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04-21-2015 CC AGENDA
(Supersedes)
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\City Council Agendas\2010-2019\2015
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COUNCILMEMBERS <br />- <br />CITY COUNCIL <br />MINUTES <br />TUESDAY, APRIL 21, 2015,3 P.M. <br />• ART PICK COUNCIL CHAMBER <br />CITY HALL <br />3900 MAIN STREET <br />City of Arts Unnovation <br />WARDS <br />G <br />A <br />R <br />D <br />N <br />E <br />R <br />1 <br />M <br />E <br />L <br />E <br />N <br />D <br />R <br />E <br />z <br />2 <br />S <br />O <br />U <br />B <br />I <br />R <br />O <br />U <br />S <br />3 <br />D <br />A <br />V <br />I <br />S <br />4 <br />M <br />A <br />C <br />A <br />R <br />T <br />H <br />U <br />R <br />5 <br />P <br />E <br />R <br />R <br />Y <br />6 <br />A <br />D <br />A <br />M <br />S <br />7 <br />Roll Call: <br />Present <br />X <br />A <br />X <br />X <br />X <br />X <br />X <br />Mayor Bailey called the meeting to order at 3 p.m. in the Art Pick Council <br />Chamber with all Councilmembers present except Councilmember <br />Melendrez. <br />PUBLIC HEARINGS <br />2015 PENSION OBLIGATION REFUNDING BOND ANTICIPATION <br />NOTES - RESOLUTION <br />Hearing was called to consider a resolution authorizing the issuance of not - <br />to -exceed $32.5 million Bond Anticipation Notes (BAN) to refund the <br />BAN issued in 2014 and maturing on June 1, 2015, representing part of the <br />outstanding debt originally issued in 2005 to fund a portion of the City's <br />pension obligation with the Public Employees' Retirement Systems (PERS). <br />Two people spoke regarding the matter. The public hearing was officially <br />closed. Following discussion, the City Council (1) adopted a resolution <br />authorizing execution and delivery of the 2015 Pension Obligation <br />Refunding Bond Anticipation Notes; and (2) approved the Financing Team <br />as outlined in the written staff report; whereupon, the title having been read <br />and further reading waived, Resolution No. 22840 of the City Council of the <br />City of Riverside, California Authorizing the Issuance of City of Riverside <br />Taxable Pension Obligation Refunding Bond Anticipation Notes <br />2015 Series A, Approving the Forms of and Authorizing the Execution and <br />Delivery of a Ninth Supplemental Trust Agreement, an Escrow Agreement, <br />Motion <br />X <br />an Official Statement, and a Note Purchase Agreement, and Authorizing <br />Second <br />X <br />Other Matters Relating Thereto, was presented and adopted. <br />All Ayes <br />ORAL COMMUNICATIONS FROM THE AUDIENCE <br />Vivian Moreno spoke regarding sexual harassment, City employees, and a <br />merit increase. Errol Koschewitz spoke regarding the public pension debt. <br />Jason Hunter spoke regarding financing and the public utility rate schedule. <br />CLOSED SESSIONS <br />The Mayor and City Council recessed to the City Council Board Room for <br />closed sessions pursuant to Government Code (1) §54956.9(d)(1) to confer <br />with and/or receive advice from legal counsel concerning Letitia A. Pepper v. <br />City of Riverside, et al., USDC Case No. ED CV 14-00916 JGB (SPx); <br />(2) §54956.9(d)(1) to confer with and/or receive advice from legal counsel <br />concerning City of Riverside v. 425 Anderwood RE Holdings, LLC, RCSC <br />Case No. RIC 1403492; (3) §54956.9(d)(1) to confer with and/or receive <br />100-289 <br />
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