HomeMy Public PortalAbout20150730 - Minutes - Board of Directors (BOD)Board Meeting 15-20
*Approved by the Board of Directors on August 12, 2015
SPECIAL MEETING
BOARD OF DIRECTORS
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
330 Distel Circle
Los Altos, CA 94022
Thursday, July 30, 2015
APPROVED MINUTES*
SPECIAL MEETING
CALL TO ORDER
Vice-President Kishimoto called the special meeting of the Midpeninsula Regional Open Space
District to order at 12:35 p.m.
ROLL CALL
Members Present: Jed Cyr, Nonette Hanko, Cecily Harris, and Yoriko Kishimoto
Members Absent: Larry Hassett, Curt Riffle, and Pete Siemens
Staff Present: General Manager Steve Abbors, Assistant General Counsel Hilary
Stevenson, Controller Mike Foster, Senior Accountant Andrew Taylor,
and District Clerk Jennifer Woodworth
ORAL COMMUNICATIONS
No speakers present.
ADOPTION OF AGENDA
Motion: Director Cyr moved, and Director Hanko seconded the motion to adopt the agenda.
ROLL CALL VOTE: 4-0-0 (Directors Hassett, Riffle, and Siemens absent.)
BOARD BUSINESS
1. Revising Fiscal Year 2015-2016 Tax Levy for the Midpeninsula Regional Open
Space District’s General Obligation Bonds - Series 2015A and Series 2015B (R-15-
115)
Meeting 15-20 Page 2
Senior Accountant Andrew Taylor explained that based on the original estimated bond pricing,
the property tax rate was set at $1.10 per $100,000 of assessed valuation. The final sale of the
bonds under very favorable market conditions generated a larger than expected bond premium
and, as a result, the property tax rate can be lowered from $1.10 to $.80 per $100,000 of assessed
valuation.
Controller Mike Foster explained that the $2.2 million of bond premium will enable the District
to smooth the tax rate over the first three years.
Public comments opened at 12:42 p.m.
No speakers present.
Public comments closed at 12:42 p.m.
Motion: Director Hanko moved, and Director Cyr seconded the motion to adopt Resolutions of
the Board of Directors of the Midpeninsula Regional Open Space District for each of San Mateo,
Santa Clara and Santa Cruz Counties to amend the ad valorem property tax levy from $1.10 per
$100,000 (or $0.0011 per $100) to $.80 per $100,000 (or $0.0008 per $100) in assessed value for
the District’s General Obligation Bonds – Series 2015A and Series 2015B (Measure AA).
ROLL CALL VOTE: 4-0-0 (Directors Hassett, Riffle, and Siemens absent.)
ADJOURNMENT
Vice-President Kishimoto adjourned the special meeting at 12:44 p.m.
________________________________
Jennifer Woodworth, CMC
District Clerk