Recommendation to adopt resolution authorizing the issuance of Marina Revenue Bonds, Series 2015, in an aggregate amount not to exceed $125,000,000, and the execution of various related documents.  (District 3)
Motion passes seven zero. Item number 15 Report from Financial Management and Parks, Recreation and Marine recommendation to adopt a resolution authorizing the issuance of a marine revenue bond in aggregate amount not to exceed $125 million. District three. Mrs. Price. Thank you very much. I want to just take a moment to express express my sincere appreciation for the following city staff members. John GROSS, Director of Financial Management. David Nakamoto, city Treasurer. Lori Coe, debt service manager. George Chapman, Parks Rec and Marine Director and Alfreda Hallinan, Manager of the Marine Bureau. These individuals each put in long hours and a lot of hard work to put together this bond package. These bonds are special, limited obligation bonds secured solely by the Pledge of the Marina Fund revenue. The bonds will never be considered a city debt impacting the general fund, and the bonds will allow the rebuild to be completed without any more tidelands funds, money or the use of the State Department of Boating and Waterways loan of 16.9 million, which we approved earlier this year. The bond money will also repay the $59.2 million in DBA loans that the city has already borrowed and that we owe for earlier phases of the rebuild. The actual amount of the bonds to be issued is approximately $120 million, with 49.2 million to complete the marina, rebuild 61.5 million to repay the state loans, including interest and an $8 million reserve. The extra 5 million in the authorization is a contingency amount. Not sure if I got all of those numbers correct, but I will say in a nutshell that I am so grateful for staff for the amazing work that they did on this. And I'm very happy for the city as a whole to be able to rebuild these marinas. They are in an extremely dilapidated condition. Given a city of this size and the offerings that we provide to the boating community, the marina does not reflect the quality or the image that we want for the city of Long Beach. So to be able to do this through this offering is a huge progress for our city and for the third district as a specifically. So thank you, everybody, for all the great work that you did. I know you put a lot of time into this and thank you for giving me a personal briefing. It was one of the few occasions where John GROSS was able to deliver some really super positive news given our fiscal climate. So I'm very, very grateful to have had that opportunity to meet with with the team. So thank you. Thank you. And thank you, John. That's wonderful. Mr. Hodgson. Yes. I also wanted to just join in and and congratulate congratulate the city, congratulate the the stakeholders in the Marine marina area. I know I remember, you know, about a year ago, this this chamber was filled with individuals who are pleading for us to do something to improve the the Marina, particularly Alamitos Bay. And it just shows that through creative financing, you know, a year ago, there was there was very little hope and we didn't really have a pathway to get it fixed. But it shows a big kudos to John GROSS but also George Champion and your team for coming together and coming up with the creative financing to make this happen. And, you know, this will our marina as well will reflect the and exemplify the excellence of our city. Congratulations, everybody. Thank you. Thank you, Councilman Orson, do you have any public comment? Larry. Good to see you guys. Having followed this issue since the project was first started, I support, in essence, what the council person and the staff has suggested. I'm, however, going to suggest that we wait until approximately a week after June the eighth. And by waiting, I think we will be able to get a better bond rate on June 8th in the Superior Court of California. In Los Angeles, there will be a. During a. A hearing before Judge Kennedy. The outcome of which. Could have an impact and the impact being a reduced rate based on the fact that. If the ruling goes, as I think it will go. There will be certain individuals on the 13th and 14th they will be on the fast track to enter their careers was making license plates. That will certainly. Reflect and enable the city to approach the bond issue to. And get a better rate by saying we have a stellar management. And our problems have been solved. That have been so long playing it a plague is so I don't think six, six or seven weeks is going to rock the boat, but the date is set. It will be June 8th, and at that time we get a pretty good indication that there might be a couple of weeks of appeal after that. But I don't think so. I think they've got a pretty good handle on how that's going to go. So hold off for six weeks. We'll get a better rate. Thank you. Thank you. Could you. Is it? I said it. Oh, yeah. Excuse me. Please take a vote. Motion passes seven zero. Item number 16 report from Long Beach Gas and Oil and Financial Management Recommendation to award a contract to independent utility supply for furnishing and delivering Mueller products in an annual amount not to exceed 235,000 citywide.