Tami Scott, Administrative Services Director, provided a presentation related to Lease Revenue Bonds, Series 2022A. The following points were presented:
Prior City Council Actions
Discussion of Today’s Actions
Authorizing Issuance of Bonds and Approving Related Documents Criticism/Concerns of Pension Refinancing
Lease Revenue Bonds Series 2022A Structure
CalPERS UAL
Reduction in Discount Rate
Current Estimated CalPERS UAL Three Largest Plans
2022 Pension Refinancing and Scenarios
Potential Refunding of Lease Revenue Refunding Bonds, Series 2015A Financing Schedule
Jose Vera and Jim Fabian, Consultants from Raymond James & Associates, provided further information on the points presented.
Councilmember Raymond Gregory expressed his concern with the simplification of the presentation and feels this is much more complex. He expressed his concern with the liability, which will remain, and the high risks associated with this recommendation. He feels the cost savings is not guaranteed and he is not supportive at this time.
The City Council will consider taking formal action on this item at the Regular City Council meeting of March 23, 2022.