MINUTES OF JOINT SESSION OF THE

CITY COUNCIL AND SAN JOSÉ FINANCING AUTHORITY

SAN JOSÉ, CALIFORNIA TUESDAY, FEBRUARY 27, 2001

The Council of the City of San José convened the San José Financing Authority to consider Item 2 in joint session at 2:23 p.m. in City Council Chambers at City Hall.

Present: Council Members - Chavez, Dando, Fiscalini, LeZotte, Powers, Reed, Shirakawa, Jr., Woody; Gonzales.

Absent: Council Members - Diquisto, Cortese (both excused).

Vacant: District 5.

2 (a) Adoption of a resolution of the City of San José Financing Authority authorizing the issuance of lease revenue bonds in the initial aggregate principal amount of not to exceed $20 million in connection with the Communications Center Refunding Project, authorizing and directing execution of Trust Agreement and certain financing documents, approving the Official Statement, and authorizing other related actions.

(b) Adoption of a resolution of the City Council:

(1) Authorizing and directing the execution of certain financing documents, including the Project Lease and other related documents and directing certain related actions in connection with refinancing the Communications Center.

(2) Authorizing the City Manager to negotiate and execute an Agreement with Public Resources Advisory Group for financial advisory services from December 1, 2000 until June 30, 2001 in an amount not to exceed $65,000.

(c) Adoption of an ordinance by the City Council approving, authorizing and directing the execution of a Project Lease in connection with the Communications Center Refunding Project.

(d) Adoption of appropriation ordinance amendments in the General Fund to provide $600,000 for the Communications Building Roof Repairs Project. (City Manager’s Office)

[Finance and Infrastructure Committee referral 2/14/01 – Item 3.3(f)]

Documents filed: (1) Memoranda from Scott P. Johnson, dated February 15 and 20, 2001. recommending adoption of said resolutions approving various financial actions related to the Communications Center Refunding Project, and providing the draft Official Statement for the City of San José Financing Authority Lese Revenue Bonds Series 2001E. (2) Memorandum from Budget Director Larry D. Lisenbee, dated February 20, 2001, recommending approval of said appropriation ordinance and related revenue resolution amendments.

Discussion/Action: William J. Garbett spoke in opposition to the proposal. Upon motion by Council Member LeZotte, seconded by Vice Mayor Shirakawa, Jr., and unanimously carried, Resolution No. SJFA-50, entitled: “Resolution of the Council of the City of San José Financing Authority Authorizing the Issuance of Lease Revenue Bonds in the Initial Aggregate Principal Amount of Not to Exceed $20,000,000 in Connection with Refinancing Certain Public Capital Improvements Consisting of a Communications Center, Authorizing and Directing Execution of a Trust Agreement and Certain Financing Documents, Authorizing the Competitive Sale of Bonds, Approving an Official Statement, and Authorizing Other Related Actions”; Resolution No. 70184, entitled: “Resolution of the Council of the City of San José Approving, Authorizing and Directing Execution of Certain Financing Documents and Directing Certain Related Actions in Connection with Refinancing for Certain Public Capital Improvements”; Ordinance No. 26309, entitled: “An Ordinance of the City of San José Approving, Authorizing and Directing Execution of a Project Lease”; and Ordinance No. 26310, entitled: “An Ordinance of the City of San José Amending Ordinance No. 26141 Which Appropriates Moneys in the General Fund in the Amount of $600,000 for the Communications Building Roof Repairs Project; and Providing That This Ordinance Shall Become Effective Immediately Upon Adoption”, were adopted. Vote: 9-0-2-0-0. Absent: Cortese, Diquisto. Vacant: District 5.

Adjourn the Joint City Council/San José Financing Authority meeting.

The Joint City Council/San José Financing Authority meeting was adjourned at 2:31 p.m.

RON GONZALES, MAYOR

ATTEST:

PATRICIA L. O’HEARN, CITY CLERK