This facility is disabled accessible.  Auxiliary aids and services are available for individuals with speech, vision or hearing impairments (48-hour notice is required).  Please contact the ADA Coordinator at (818) 238-5021 voice or (818) 238-5035 TDD with questions or concerns.

                                                                      6:30 P.M.

INVOCATION:           Rabbi Mervin Tomsky Rabbi Emeritus, Burbank Temple Emanu El.

The Courts have concluded that sectarian prayer as part of City Council meetings is not permitted under the Constitution.

FLAG SALUTE:

ROLL CALL:

JOINT PUBLIC HEARING WITH THE CITY COUNCIL AND REDEVELOPMENT AGENCY:

1.       Issuance of up to $58 million in Burbank Public Financing Authority Revenue Bonds 2007 Series A - Golden State Redevelopment Project:

Due to current market conditions, the City has an opportunity to take advantage of lower bond interest rates and thereby generate significant savings, totaling up to $2.2 million, which can be used for City capital projects.  Therefore, the purpose of this report is to request authorization for the Burbank Public Financing Authority (Authority) to issue up to $58 million in Revenue Bonds, 2007 Series A (Golden State Redevelopment Project) (the 2007 Authority Bonds).  The proceeds of the 2007 Authority bonds will be used to:

1.     Refund (refinance) a portion of the Authority�s $87.3 million Revenue Bonds, 2003 Series A (Golden State Redevelopment Project);

2.     Purchase in lieu of redemption $25 million of the Redevelopment Agency (Agency) Golden State Redevelopment Project Subordinated Tax Allocation Bonds, Issue of 1993; and,

3.    Fund approximately $1.8 to $2.2 million of City capital improvements.

Although the financing is complex, the underlying premise is the same as refinancing a home mortgage.  Interest rates are lower today than the interest rates on the existing debt and staff is therefore recommending this transaction in order to lower interest costs and generate proceeds that can be used to fund needed City projects. The net proceeds, estimated at between $1.8 million and $2.2 million, may then be used on any City capital project, thereby benefiting the entire community.

Recommendation:

1.   Adoption of proposed Burbank Public Financing Authority resolution entitled:

A RESOLUTION OF THE BURBANK PUBLIC FINANCING AUTHORITY AUTHORIZING ISSUANCE OF REVENUE BONDS, APPROVING THE FORMS AND AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN BOND FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO (GOLDEN STATE PROJECT AREA).

2.   Adoption of proposed Redevelopment Agency resolution entitled:

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK APPROVING THE ISSUANCE OF REVENUE BONDS BY THE BURBANK PUBLIC FINANCING AUTHORITY, APPROVING THE FORMS AND AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN BOND FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO (GOLDEN STATE PROJECT AREA).

3.   Adoption of proposed City Council resolution entitled:

A RESOLUTION OF THE COUNCIL OF THE CITY OF BURBANK MAKING FINDINGS WITH RESPECT TO, AND APPROVING THE ISSUANCE OF, REVENUE BONDS BY THE BURBANK PUBLIC FINANCING AUTHORITY,  AND APPROVING THE SALE THEREOF (GOLDEN STATE PROJECT AREA).

RECESS to conclude the City Council meeting.

ADJOURNMENT.

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