HomeMy Public PortalAbout20101115 - Minutes - Board of Directors (BOD) Midpeninsula Regional
Open Space District
Meeting 10-31
SPECIAL MEETING
BOARD OF DIRECTORS
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
AND
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT FINANCING AUTHORITY
November 15,2010
MINUTES
SPECIAL MEETING OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
I. ROLL CALL
Vice President Hanko called the Special Meeting to order at 7:00 p.m.
Members Present: Jed Cyr, , Curt Riffle, Pete Siemens, and Nonette Hanko
Members Absent: Cecil y Harris and Larry Has
sett
Staff Present: General Manager Steve Abhors, General Counsel Sue Schectman,
District Controller Mike Foster, District Bond Counsel Chris Lynch,
Stone and Youngberg Representatives Tom Lockard and Bridget
___,Katz,, Information Technology Intern Owen Sterzl, and District Clerk
Michelle Radcliffe.
11. ADOPTION OF AGENDA
Motion: Upon motion by Director Cyr, seconded by Director Riffle, and unanimously
passed, the Board approved adoption of the agenda. (Vote: 4-0-0; Absent: Hassett and Harris)
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Meeting 10-31 Page 2
III. BOARD BUSINESS
A. Agenda Item I—Public Hearing Pursuant to Government Code Section 6586.5 on the
Proposed 2011 Revenue Bond Financing by the Midpeninsula Regional Open Space
District Financing Authority and the Significant Public Benefit Thereof(R-10-142)
General Manager Steve Abbors explained that the purpose of the proposed 2011
Revenue Bond Financing was to use$20 million for land acquisition and that $34
million is to refinance the 1999 Revenue Bonds which would result in $12 million in
savings over the next 19 years. District Investment Banker Tom Lockard explained
that it would be advantageous for the District to refinance the 1999 Revenue Bonds
because interest rates are low and further reported that because the District's enabling
legislation states that the District can only issue 20 year notes,the 2011 Revenue
Bonds would be categorized as a 30 year lease which would result in raising new
money for projects. He stated that this financing technique is consistent with those
used by other public agencies. Bond Counsel Chris Lynch provided more detailed
explanation of the decision to use lease financing and the legal requirements for
holding a public meeting in San Mateo County. Brief discussion ensued.
Vice President Hanko opened the Public Hearing to hear comments on the public
benefit of the proposed 2011 Revenue Bond Financing and after receiving no
comments, she closed the Public Hearing.
No action was taken by the Board.
The Special Meeting of the Midpeninsula Regional Open Space District adjourned at
7:20 p.m.
IV. MIDPENINSULA REGIONAL OPEN SPACE DISTRICT FINANCING AUTHORITY
BUSINESS
Vice President Hanko called the Special Meeting of the Midpeninsula Regional Open Space
District Financing Authority to order at 7:20 p.m. with Directors Cyr, Hanko, Siemens, and
Riffle present.
A. Agenda Item 1 —Approve the Holding of Regular Meetings of the Board of Directors
of the Authority on the Same Date and Time and at the Same Location as Regular
Meetings of the Board of Directors of the District(R-10-141)
Mr. Lynch explained that it is a legal requirement that financing decisions made by the
Finance Authority Board be approved at a regular meeting of the Finance Authority
Board.
Motion: Upon motion by Director Cyr, seconded by Director Siemens, and
unanimously passed,the Board approved holding regular meetings of the Board of
Directors of the Authority on the same date and time and at the same location as
regular meetings of the Board of Director of the District. (Vote: 4-0-0; Absent: Harris
and Hassett)
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Meeting 10-31 Page 3
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VI. ADJOURNMENT
President Hassett adjourned the Special Meeting of the Board of Directors of the
Midpeninsula Regional Open Space District Financing Authority at 7:23 p.m.
Michelle Radcliffe, CMC
District Clerk