HomeMy Public PortalAbout19981028 - Minutes - Board of Directors (BOD) (2) Meeting 98-0 1
A41I)PENINSULA REGIONAL OPEN SPACE DISTRICT FINANCING AUTHORITY
SPECIAL MEETING
GOVERNING BOARD
October 28, 1998
MINUTES
Betsy Crowder
Jed Cyr
Mary Davey
Ken Nitz
I. ROLL CALL
B. Crowder called the meeting of the Midpeninsula Regional Open Space District
Financing Authority to order at 7:40 P.M.
Members Present: Directors Betsy Crowder, Jed Cyr, Mary Davey, and Ken Nitz.
Members Absent: Santa Clara County Supervisor Joe Simitian.
Staff Present: Craig Britton, Sue Schectman,
II. ADOPTION OF AGENDA
Motion: M. Davey moved that the Board adopt the agenda. J. Cyr seconded the
motion. The motion passed 4 to 0.
III. ADOPTION OF CONSENT CALENDAR
H. Haeussler removed agenda item 1, Acceptance of the Midpeninsula Regional Open
Space District Financing Authority Financial Statement and Report of Independent
Certified Public Accountants as compiled by Grant Thornton Accountants and
Management Consultants and Authorization for the Executive Director to File the Annual
Continuing Disclosure Report Required By Law.
Motion: M. Davey moved that the Board adopt the Consent Calendar including the
minutes of the October 22, 1997 Special Meeting. K. Nitz seconded the
motion. The motion passed 4 to 0.
IV. BOARD BUSINESS
A. Agenda Item No. I - Acceptance of the Midpeninsula Regional Open Space
1
District Financing Authority Financial Statement and Report of Independent
Certified Public Accountants as compiled by Grant Thornton, Accountants and
Management Consultants and Authorization for the Executive Director to File the
Annual Continuing.Disclosure Report Required By Law— (Report R-98-01).
K. Nitz requested that the spelling of the word "delinquent" be corrected on Table
2, footnote 1.
H. Haeussler, 1094 Highlands Circle, Los Altos, asked what the difference was
between secured and unsecured taxes. M. Foster explained that secured are real
property and unsecured are personal property (a boat for example).
H. Haeussler asked why specific preserves are mentioned in Table 8, and asked
what the difference was between notes, COPS and revenue bonds. M. Foster said
they used the preserve instead of listing the person's name for land purchase
contracts. C. Britton stated that notes meant owner financed.
M. Foster said COP stood for Certificates of Participation, which is lease
financing. He said they do a combination of notes (bond) and lease financing. He
said with lease financing they can go out 30 years, notes only 20. Revenue bonds
are a mixture of the two. He informed Mr. Haeussler that the District's bonded
indebtedness can exceed five times the next five years of tax revenue and the
District is way below the limit.
Motion: M. Davey moved that the Board accept the report. J. Cyr seconded
the motion. The motion passed 4 to 0.
V. MATTERS NOT APPEARING ON THE AGENDA
H. Haeussler noted the Sup. Joe Simitian was not here for the meeting. C. Britton
explained that the Financing Authority was a vehicle for financing that would improve the
District's rating. The county entered into a joint powers authority and have one member
on the Board. It is not necessary for them to attend meetings.
VI. ADJOURNMENT
At 7:29 P.M., the meeting was adjourned.
Roberta Wolfe
Recording Secretary