Recommendation to adopt resolution authorizing the issuance of Harbor Revenue Bonds, Series 2017 A, B, and C (Series 2017 Bonds), by the Board of Harbor Commissioners on behalf of the City of Long Beach, in an aggregate principal amount not to exceed $200,000,000, secured and solely payable from Harbor Department revenues, and authorize the execution of all necessary related documents.  (District 2)
Okay. Thank you. We're going to hear item 27. What is that? Item 27 is a report from Financial Management and Harbor Department recommendation to a resolution authorizing the issuance of harbor revenue bonds by the Board of Harbor Commissioners on behalf of the City of Long Beach in an aggregate principal amount not to exceed 200 million's district to. And we're going to go ahead and hear a staff report, brief report from our treasure, David Nakamura. Thank you, sir. Honorable mayor and members of the City Council before you as a recommendation to receive supporting documentation into the record, adopt a resolution authorizing the issuance of the Harbor Revenue Bonds Series 2017, A, B, and C in their principal amount not to exceed $200 million and authorize the execution of all necessary documents. The purpose of these bonds is to facilitate the Harbor Department's capital improvement plan. Proceeds from the series 2017 bonds are to pay to reimburse the harbor department for construction costs related to various capital improvement projects, including the Gerald Desmond Bridge and the Middle Harbor Harbor Terminal. City Council action is requested on May 23rd, 2017, in order to facilitate the Harbor Department's Capital Improvement Plan. The Series 2017 bonds will be secured by and solely payable from harbor department revenues. The city's general fund will not be liable for the debt service payments of these bonds. These capital improvement projects are expected to create approximately 4000 jobs in the five county area over the next five years. Representatives of the harbor department are available for questions. This concludes staff's report. Thank you very much. Let me go ahead and see if there's any Councilmember Pearce. Okay. Councilman Gonzalez. Unrelated, but related. I didn't get to formally welcome Mario Cordero. Congratulations on your new position and really excited to start working with you. Thank you, Vice Mayor Richardson. That's exactly what I cued up to do. Mario, we're really proud to have you here. And this is just our first opportunity as a council to publicly say that welcome home and you're hitting the ground running already and, you know, being here till midnight on your on your item. And that's just a testament to your commitment along be so, so welcome. And we look forward to continuing the good quality jobs generated by this bond and other infrastructure investment. So keep up the good work. Councilman Price. Thank you. Welcome as well. I do have one question about the item two. We expect that this amount of money is going to cover the anticipated expenses. Just a minor detail. Mr. Mayor. Council members. My name is Chuck Adams. I'm the acting managing director of finance and admin. It will cover this until next year. We'll be coming back for another bond issue the next four years annually. Same amount of money. The next four years will probably hit another $800 million. Over the course of the four years. Yes. Okay, great. Thank you. Councilmember Andras. Excuse me. I'm having my breakfast now. I just wanted to tell you, Mr.. My your releases that I knew you was coming back because the kind of staff you have, you have to come back. You couldn't leave us out that long, so congratulations again. But I didn't think would be at this time I would be doing this. But congratulations and good luck with the. Counting of your income. Thank you. Bienvenido. Welcome back. Come to reverse. See, I was trying to save us and get us out on time. But since everybody else spoke, I've already congratulated you. But I just want to thank you guys for all the work that you're doing on this. I think Long Beach is going to be in a much better place with good jobs, clean air and lots of awesome infrastructure. So thank you. Thank you. One thing that wasn't mentioned that I think is really important is that Long Beach housed the Pentagon, which is the largest capital public infrastructure program in the entire United States when it comes to ports. And we are building more public infrastructure, creating more jobs and rebuilding more of our ports than anywhere else. And so that's something to be very, very proud of. Mr. Cordero, we're very proud of you. You know, we've talked, but I'm thank you for being here. And, you know, this was the fourth item, and I didn't realize it was going to be the fourth item at midnight. So next time we'll rethink that a little bit. And with that, there's no other public comment on this. No, no other questions except for Mr. Boland, who's standing up. So let me just let Mr. Mollenkopf speak. I'll make this real quick. Congratulations, Mr. Cordero. It's a shame you have to hear what I have to say tonight, but I want to get it clarified. I read somewhere that Pier F or pier is it? Pier E is overbudget by a billion. Inner Harbor is overbudget by a half a billion. And that we just went, what, 170 or 270 million over on the Gerald Desmond replacement bridge. Now, when the Gerald Desmond replacement bridge controversy came out several years ago, a PR guy at the port came up with a spin. And here's what the spin was for the rest of us. The spin was that the money that was lost on the Gerald Desmond Bridge by having to relocate those posts, which Caltrans had a lot to do with, was not taxpayer money. And that was supposed to make us all feel really good. And one of my good friends there, and I won't say his name, actually said it in a press release that the money they lost was not taxpayer money. And I wanted to call the gentleman and say it was public money. That's a 170 million. You won't have to build another pier. That's money. You're not going to have to dredge. And now I hear we're going to ask for $200 million a year for the next three or four years. And if you add up all the overbudget, I think that needs some more clarity so that we understand where did all that money go and is Middle Harbor and Pier E really that much in debt? Thank you. Thank you very much to the motion. In a second, please cast your votes. What increase?