Los Angeles City Council, Journal/Council Proceeding
Wednesday, May 4, 2016
JOHN FERRARO COUNCIL CHAMBER ROOM 340, CITY HALL 200 NORTH SPRING STREET, LOS ANGELES, CA 90012 - 10:15 AM

SPECIAL COUNCIL MEETING



(For further details see Official Council Files)

(For communications referred by the President see Referral Memorandum)

ROLL CALL
Members Present: Buscaino, Cedillo, Englander, Fuentes, Harris-Dawson, Huizar, Koretz, Krekorian, Martinez, O'Farrell, Price, Ryu and President Wesson (13);  Absent: Blumenfield and Bonin (2) 
Items for which Public Hearings Have Not Been Held - (10 Votes Required for Consideration)
ITEM NO.(38)16-0472
16-0472

COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) AND CITY ATTORNEY, RESOLUTION, AND ORDINANCE FIRST CONSIDERATION relative to the financing for the proposed issuance of Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Commercial Paper Notes 2016 (2016 Commercial Paper Notes).

 

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

 

  1. PRESENT and ADOPT the accompanying ORDINANCE dated April 28, 2016 relative to the financing for the proposed issuance of the MICLA 2016 Commercial Paper Notes.
       
  2. ADOPT the accompanying RESOLUTION, which incorporates the Letter of Credit and Reimbursement Agreements, Commercial Paper Dealer Agreements, Offering Memorandums and various other documents; and, authorizes the CAO to:

    1. Increase the program size of the MICLA Lease Revenue Commercial Paper Note Program (CP Program) from $335 million to $395 million.

    2. Negotiate and execute letters of credit with Bank of America, Bank of the West, U.S. Bank, and Wells Fargo Bank to replace and/or amend the existing letters of credit.

    3. Negotiate and execute Commercial Paper Dealer Agreements with Bank of America, Merrill Lynch, US Bancorp, Wells Fargo Securities, and Ramirez & Co.

    4. Negotiate and execute agreements for the appointment of U.S. Bank as
      successor Issuing and Paying Agent and Trustee.

         

Fiscal Impact Statement:  The CAO reports that the proposed changes to the MICLA CP Program will not impact the General Fund inasmuch as funds to support the MICLA CP Program have been budgeted in the Capital Finance Administration Fund for Fiscal Year 2015-16 and shall be annually budgeted thereafter.

 

Debt Impact Statement: The CAO reports that in accordance with the City’s Financial Policies, Debt Management Section, the maximum debt service payable in any given year may not exceed six percent of General Fund Revenues for non-voter approved debt. The proposed changes in the MICLA CP Program will not cause debt service to exceed this limit as commercial paper is short-term debt whose debt service payments have already been budgeted.

 

Community Impact Statement: None submitted.

 

 

(Budget and Finance Committee waived consideration of the above matter)

 

 

Adopted - TO THE MAYOR FORTHWITH, (13); Absent: Blumenfield
, Bonin
(2)
Whereupon the Council did adjourn.
Closing Text
ATTEST: Holly L. Wolcott, CITY CLERK
 
 
 
By
 
 
 
Council Clerk                                                       PRESIDENT OF THE CITY COUNCIL