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Home My Public Portal About19981214 - Minutes - Board of Directors (BOD) Regional Opei ,.)ace MIDPENINSULA REGIONAL OPEN SPACE DISTRICT Meeting 98-30 SPECIAL MEETING BOARD OF DIRECTORS December 14, 1998 1 MINUTES I. ROLL CALL President Betsy Crowder called the meeting to order at 6:30 P.M. Members Present: Betsy Crowder,Nonette Hanko, Mary Davey, Jed Cyr, Ken Nitz, Peter Siemens, and Deane Little Members Absent: None Personnel Present: Craig Britton and Sue Schectman H. CLOSED SESSION B. Crowder stated that the Board would adjourn to Closed Session for the purpose of discussing Closed Session Agenda Items 1 and 2. The Board recessed to Closed Session at 6:32 P.M. and the Closed Session commenced at 6:35 P.M. The Board concluded the Closed Session at 7:25 P.M. and B. Crowder called the Regular Meeting to order at 7:34 P.M. She noted that no reportable actions had taken place in Closed Session. �I Additional Personnel Present: Del Woods, Deirdre Dolan, and Susan Dale I III. ORAL COMMUNICATIONS There were no oral communications. IV. ADOPTION OF AGENDA Motion: J. Cyr moved that the Board adopt the agenda. K. Nitz seconded the motion. The motion passed 7 to 0. V. BOARD BUSINESS A. Agenda Item No. 1—Review of 1997-1998 Actual Budget Expenditures, Mid-Year Review of 1998-1999 Budget, and Review of Proposed 1999 Financing I 330 Distel Circle . Los Altos,CA 94022-1404 . Phone:650-691-1200 FAX: 650-691-0485 . E-mail: mrosd@openspace.org . Web site:www.ol)enspace.org Board of Oirertors:Pete Siemens,Mary C. Davey,led Cyr,Deane Little, Nonette Hanko, Betsy Crowder,Kenneth C.Nitz . General Mxmger:L.Craig Britton I i Meeting 98-30 Page 2 Motion: N. Hanko moved that the Board accept the report of the Administration and Budget Committee and the Controller's Mid-Year Financial Review. K. Nitz seconded the motion. The motion passed 7 to 0. B. Agenda Item No. 2—Authorization to Execute and Deliver a Site Lease,Project Lease, Purchase Contract, and Other Items Required to Allow for the Issuance and Sale of $31,000,000 of Midpeninsula Regional Open Space District Financing Authority 1999 Review Bonds, Approval of Agreement for Bond Counsel Services with Orrick Herrington& Sutcliffe, and Setting of Public Hearings on January 12 and 13, 1999 for Approval of Financing and Findings Pursuant to Government Code Section 6586.5 M. Foster stated there were several very favorable factors that made this the most advantageous financing opportunity ever; tax revenue is escalating, interest rates are very low in the Bond market, and the Bond insurance market is very competitive for offerings like ours. M. Foster introduced Tom Lockard who represents the proposed underwriting firm of Stone&Youngberg and Carlo Fowler who represents the proposed bond counsel firm of Orrick, Herrington& Sutcliffe. He stated both firms have served in their respective roles in past District debt issues and both have done an outstanding job. M. Foster reviewed a graph that depicted the pay out of the new debt service. Tom Lockard detailed the payment system and Carlo Fowler presented a historic review of the District's Note borrowing. K. Nitz requested clarification and definitions for several phrases and terminology used throughout the Bond documents. Tom Lockard and Carlo Fowler began answering his questions. D. Little suggested that due to the unexpected amount of time being spent on this item, P 8 that the Board suspend review of this agenda item no. 2 until after the Financing Authority's Meeting as a courtesy to Supervisor Joe Simitia who is in h ty g y n, o the audience as p he i n v s o the e Governing rnin g Board of the Authority. Motion: P. Siemens moved that the Board adjourn the Special Meeting and reconvene following the meeting of the Financing Authority. J. Cyr seconded the motion. The motion passed 7 to 0. Discussion: C. Britton mentioned that K. Nitz is also on the Governing Board of the Financing Authority and to suspend this item without completely reviewing and answering his questions now would not save any time as a Financing Authority Board Member versus a District Board Member. C. Britton recommended the Board move forward on this item before adjourning to the Financing Authority's meeting. Motion to Rescind: P. Siemens moved to rescind the prior motion. J. Cyr seconded the motion. The motion passed 7 to 0. Meeting 98-30 Page 3 K. Nitz continued for querying o clarification and definitions for several phrases and terminology used throughout the Bond documents. Tom Lockard and Carlo Fowler finished answering his questions. Motion: N. Hanko moved that the Board adopt Resolution 98-54 authorizing the execution and delivery of a site lease, a project lease, and a continuing disclosure agreement, and approving a preliminary official statement and approving certain other matters in connection therewith; set Public Hearings for the Board of Directors of the Midpeninsula Regional Open Space District to be held Tuesday, January 12, 1999 at the Town of Portola Valley's Town Hall, 765 Portola Road, Room 8 and Wednesday, January 13, 1999 at the District's Administrative Office at 330 Distel Circle, Los Altos for approval of financing and findings pursuant to Government Code Section 6586.5; and approve the Agreement for Bond Counsel Services with Orrick, Herrington& Sutcliffe of San Francisco. M. Davey seconded the motion. The motion passed 7 to 0. At 8:50 P.M. the Special Meeting of the Board of Directors of the Midpeninsula Regional Open Space District adjourned in order to convene a Special Meeting of the Midpeninsula Regional Open Space District Financing Authority. The Special Meeting of the Board of Directors of the Midpeninsula Regional Open Space District reconvened at 8:58 P.M. after the adjournment of the Financing Authority Meeting. C. Agenda item No. 3—Annual Dedication Report Motion: N. Hanko moved that the Board adopt Resolution 98-55 dedicating interests in certain District lands for public open space purposes. K. Nitz seconded the motion. The motion passed 7 to 0. VI. INFORMATIONAL REPORTS J. Cyr presented staff a Y2K work program check sheet that may help organizations avoid any computer problems in the year 2000. VH. ADJOLMNMENT At 9:10 P.M.,the meeting was adjourned. Susan Dale RecordingSecretary arY