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tv   [untitled]    December 6, 2014 4:00am-4:31am PST

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truth. we want the truth. you should open the windows and turn it around and open it and have it at your backs. >> any other speakers? >> absolutely. step forward please. >> i think you already spoke, john. i'm opening up for people that have not spoken. i'm sorry. >> hello. my name is david hill. i work for san francisco public library. i'm filling in for hardy, i wish she was here. she has the most charming english accent. she would have said
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the same things that almost every speaker here has reiterated except for our friend. speaking of the hedge funds fees and administrative cost. the fees that no matter how to investments perform are gone forever. the risk in liquidity inherent in the hedge funds and thirdly the lack of transparency and she gave me a really good example from the state of kentucky where they invested in hedge funds and then the state legislature of kentucky and the state
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auditor asked politely and again in those lovely southern accents to look at the books of the hedge funds and they were refused. they were treated like a stuffed owl. i don't know if you want to be treated like a stuffed owl by hedge managers. that's all i ask. i ask of this commission take the side of people who have earned their money and earn money instead of just make money. thank you. >> thank you very much. is there any additional public comment? seeing none, public comment is closed. is there any last words from anybody? >> my question is would you
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like me to restate the motion or does everyone remember it. >> i think everyone remembers it. >> all in favor say, "aye". >> aye. >> it passes unanimously. seeing no further business with the commission. we will adjourn. thank you, everybody. >> approval of minutes, regular
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meeting of -- november 4th #shgs 2014. 92 authoring a 1st amendment to the legal services contract with car mcclel lan for a contract amount by $25,000. action. >> madam chair? >> do have we have any speaker cards on item 5a or 5b? >> dr. jackson. >> dr. jackson would you like to crazy -- address the commission on items 5a or 5b? >>
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>> good afternoon. dr. jackson. i hope this a is the one i'm looking at here and the subject to approval by the department of finance. >> that's item c. >> financing authority agenda. >> we haven't called that calendar yet. >> one of the things i would like. i don't know if you are aware or not, but there is young lady that has been appointed head of the epa here in san francisco. her name is lily lee. and when i come and speak before you i don't see you with pencils where you can take notes. what i think
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you really need to do is contact lily lee because the actions that you all are taking is not the actions that should be taken . there is a lot of problems in my community of bayview hunters point and you are not aware that bayview hunters point is the most toxic area? >> san francisco. how you vote, you vote continually for things to happen there. i want to say this to you: there was a map date of birth in -- done in the 60s of the area and when those areas were supposed to be turned over to the city. that has not been done by this committee. no. 1. the map has been redone. a, was from mru and griffith to navy road and
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the shipyard and in back where the public school was on the hill, that was section a, b, was where we used to meet and it was a restaurant. what's been happening here. i left at the last meeting because i saw how you were all going to vote. you were going to vote yes. you all need to stop voting yes for something as a rubber stamp by something that has not occurred in the city of san francisco 789 thank you >> thank you. do we have any other speaker cards? >> i have no other speaker cards. >> okay, public comment is closed. are there any questions on 5a
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on approval of minutes. >> i move this item. >> the minutes of november 4, 2014, have been moved by commissioner bustos. >> i abstain. i was not here. second by commissioner mondejar. >> commissioner mondejar, yes, commissioner -- bustos, madam chair rosales. >> on item b, any questions or comments? >> none. >> would someone like to move the item. >> i move the item. >> commissioner bustos and mr.
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singh. city clerk: commissioner mondejar, singh, bustos, madam chair rosales. the next item is item 5c confirming subject to approval by the department of finance the issuance and sale of success or agency to redevelopment agency of the city and county of san francisco taxable and tax empty refunding tax allocation bonds in a combined aggregate principal amount not to exceed $300,000. >> commissioners, you have taken a serious of -- series of
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steps relating to bonds given to current market conditions to help us reduce our debt and will certainly help us and help the city over all. this is the final step in your actions. i'm pleased also to report that the state department of finance has approved this refunding already so it's no longer subject to the department of finance approval. with that, i would like to ask john diegos senior financial analyst to walk over the actions before you. >> good afternoon, director, chair rosales. my name is john diego senior financial analyst for ocii. item c is two series of tax allocations refunding bonds not to exceed
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$300 million. it confirmation actions adopted september 12th of this year and actions required to complete the financing including the preliminary official statement. the official statement and the continuing disclosure certificate also authorizes staff to perform the necessary actions to complete the transaction. the preliminary official statement is the comprehensive disclosure document prepared by the ocii and it's consultants to provide investors with all material information regarding the credit supporting the bonds. the official statement is the same document as preliminary with the blanks filled in with the final numbers determined on the day of pricing. there could be other changes, but they would be minor. the continuing disclosure certificate and
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other document approved today details the ocii post issuance secondary market reporting obligations. completion of this transaction also requires action on the department of finance authority which were the issuance of the bond which we are refunding as a sort of refresher on that arrangement. the financing authority is a joint powers authority created under the marx act under the project area alone under the single bond issue with all the efficiencies that come from that. so essentially the authority issued the bonds that were going to refund and use the proceeds for the project area of loans from the former agency and pledge the cash flow from those loans to the payment of the bonds which the authority issued. now, the ocii will
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issue refunding bonds directly itself which payoff the loans and the authority uses the monies to payoff the bonds. to accomplish this, the authority must sign redemption agreements for each bond to be refunding through contracts through ocii and authority and respective trustee for each refunding bond. the escrow trustee's job is to hold the money until the date that the bonds can be called. the forms of these agreements were recently approved by the ocii commission in resolution 83, 2014 mentioned earlier. the financing authority resolution approves the redemption agreements on its part in form and authorizes all the necessary
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actions to complete the transaction. nine of the outstanding bonds of $151 million principal could be refunded. this is $146 million in new bonds and new debt service savings of $10.5 million. those would be gross savings of $15.4 million approximately. and our next steps are the bond pricing which we are hoping to accomplish next thursday on december 11th. it won't be sooner than that, it could be a little later and our bond closing which we are targeting for december 30th. with that, i would like to introduce our financing team members. we have today representing
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our disclosure council of the preliminary official statement. neal maderos. erica was unable to join us today. neal is standing in. we have bob gamble from our financial visors office, we have scott ferguson, our bond council, we have dennis mcguire, representing lee underwriter for the series b bonds, vincent mccarly for series c bonds representing baxter mccarly and oat um representing the comanager of the b bonds. we also have blalock banned but they were able to get a representative here today due to a conflict and we have a
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comanager who was unable to make it. gary que jada. with that i would like to conclude my presentation. >> thank you. can i ask a procedural question? we called the commission's regular calendar but we also called the calendar of the financing authority. is that something we need to call as well in order to entertain this item? >> i think the process that's setforth here after you hear this item c, then you will reassesses and convene as the financing authority and proceed on that agenda and then adjourn and come back. >> i see. thank you for that clarification. okay. do we
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have any speaker cards? >> yes. i have one speaker card, francisco decosta. >> mr. decosta, hello. >> my name is francisco decosta and i have been watching the deliberations of this committee very carefully since we have it on tv. what i'm noticing is that like the gentlemen gave a presentation and i doubt you understand much of what he said. it's very convoluted. and left out are the people. what am i alluding to? you know that the governor jerry brown signed into legislation the demise of the san francisco redevelopment agency, and you had an option
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to hand everything back to the state or to create the office of the successor agency. you don't think much about it. a lot of the things that are happening are happening in our community which is the southeast sector. so when dr. spin ola jackson comes to say something, you have no clue as to what she's saying. it's as if you are on the planet of zube. you have no clue. you disrespect her because you don't really understand the history. so what am i saying? i'm calling upon the mayor that we need somebody from the southeast sector to be represented over here. i hear people going before some
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rules committee and saying that they are natives of san francisco. let me enlighten you, the only people that are natives in san francisco of the bay area are the loane. those chosen to represent them. in this case dr. jackson and myself. so i'm here and i know the gentlemen, he means well, the gentleman who gave you this presentation. he means well, he heard me before and i don't want to use his name because that's not right during public comment, but i'm here to listen to see if you really understand how the agenda has to be portrayed because i heard a gentleman saying that this item and the other item has to be called together, but the attorney says no. it's a very convoluted
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process. you don't understand diddly. how do you enlighten the public is by writing. so i'm going to be writing about this deliberation. i don't want to put you all down, but if you represent, represent the people of san francisco right. thank you very much. >> thank you. do we have any other speaker cards? >> we have no other speakers cards. >> any other person would like to speak on this item. dr. jackson, with your permission we can take your testimony previously and have it applicable to this item. >> i'm going to repeat again because i put it in my book. lily lee, i want you to write this name down. she had epa. she was in my home
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three 3 weeks ago. there were other people there too. you all need to sit down and find out from her what is going on in the southeast sector because you don't listen to me. the corruption that is going on. things that you have voted on has not occurred. it's a lot of crap. there is no such thing as area a being where this land -- last report was done when i was here last and you supported it. that was b, the most toxic area in the shipyard. everybody knows about it but you auchlt -- all. you need to get some readings, because you left redevelopment and you came back. see, i know all of the players and i was so happy when i saw you, mr.
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bustos, at the last meeting. i said now i know bayview point is going to help the southeast sector but when i saw you name some streets after the people in alice griffith, that was not done for alice griffith, that was done for on the hill in the beginning when this redevelopment came to my community. so the lawyer, he needs to let you all know, do you know you all can be sued? i tell people, the people that are sick. we have a 19-month-old baby that has cancer now. 19 months old. you all don't know what's going on in my community. how many people are dying and going to continue to die. if they go where you are trying to send them and okay it, there is going
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to be more deaths. you know who is going to be responsible for the death of those people? you and you and you because you have not listened. you don't know the area, you don't know the toxins that are there and cannot be cleaned because i was told by the navy if they cleaned the area there won't be nothing there but the bay because the whole area was landfill, every inch of it that you vote on. you are going to be voting on something else today that is not a fact and it's just a shame. you can go on the internet. go on the internet and look up toxic city san francisco. then go in there again and look up harrington park, san francisco. you will learn a lot about
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the area. thank you very much. >> thank you. this is closed public comment because there are no other speaker cards. do the commissioners have questions on this item? commissioner mondejar or mr. diego, i have a couple of questions. you indicated that there are trustees, bond trustees, can you tell us who they are and how they are selected? >> what i mentioned was the escrow trustees and the sorrow -- escrow trustees in each case for the bonds to be refunded. in other words all the bonds being refunded the trustees either back of new -- bank of new york and to keep it simple we'll use those same trustees for the
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escrow agents during the refunding. they will be very short lived escrows. we'll be calling the bonds on february 1, 2015. >> no other questions? >> i have no other questions to me. this is a significant item for financing measure and there are savings and i think it's prudent to go forward. do i have a motion? >> i move. >> commissioner bustos has moved, commissioner mondejar has seconded. please call the roll. >> city clerk: commissioners please answer when called your name. commissioner mondejar, commissioner singh, absent, commissioner bustos,
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madam chair rosales. there votes and one absent. >> let's call the next item. >> at this point you will be reassessing recessing as the financing authority. >> at this time the commission on community investment and infrastructure will take a recess and no one needs to leave the room or yes? >> our outside bond council will serve as your council for the financing authority action. >> very good. at that point we switch agendas. at this point we start the meeting for the financing
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authority. i understand completely. thank you. i open it up. >> madam chair, just for the record, the recess you called at 132 p.m..:32 p.m.. >> okay. bear with me for a minute so i understand what i'm doing.
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this is the meeting of the financing redevelopment authority. we are convening the meeting at 134 :34 p.m. on december 2, 2014. please call the roll, madam secretary. >> city clerk: commissioner mondejar, commissioner singh, ab sent, commissioner bustos, chair rosales. there are no reportable actions. the next order of business item 3, item 3 no items, regular agenda, first the consent agenda, there are no items. the next is regular agenda, item 4a, approving subject to approval by the department of finances the
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refunding of certain bonds of the redevelopment agency of the city and county of san francisco and authorizing the execution and delivery of redemption agreement by the city of san francisco county of finance and authority and approving other matters relating to various project areas resolution december 2nd , 2014. >> thank you, madam secretary. you will now consider this refunding transaction which is you know as the state department of finance approves and the chair indicated in a previous capacity certainly saves this commission money given current interest rates. with that, i would like to ask john diego to make a brief presentation on the specifics under the compassey of -- capacity
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of the financing authority. >> thank you, once again my name is john diego, senior analyst. basically resolution no. 2, 2014, approved the execution of the redemption agreement which allowed the bonds that are being refunded allows the refunding to complete. those are three party agreements among the ocii, the financing authority which are the issuer of the bonds that we are refunding and the escrow trustees. so this is really without this, the deal could not complete. the resolution authorizes other critical actions that maybe necessary to the completion of the transaction.


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