Recommendation to receive supporting documentation into the record and conclude the hearing regarding the issuance of the Finance Authority of Long Beach (FALB) Lease Revenue Bonds, adopt resolution approving the proceedings by the FALB for the issuance of 2016 Lease Revenue Bonds Series A in a total amount not to exceed $14,500,000, to finance the hazardous materials abatement and demolition of the former County of Los Angeles Courthouse, a storm drain relocation project, and a portion of the costs of the Civic Center project, and approving related documents and actions; Increase appropriation in the General Fund (GF) in the Citywide Activities Department (XC) in the amount of $400,000, offset by residual property taxes to transfer into the Debt Service Fund; and Increase appropriation in the Debt Service Fund (DS 600) in the Citywide Activities Department (XC) in the amount of $400,000, offset by revenue from the General Fund to pay the debt service. (District 2)
Real quick, before we recess, we go to the rest of the meeting. So hearing number two, if I can just read hearing number two, please, which is tied into this. Report from financial management hearing to consider the issuance of the Finance Authority of Long Beach lease revenue bonds and to adopt a resolution approving the proceedings by the FASB to finance the hazardous materials abatement and demolition of the former County of Los Angeles courthouse, a storm drain relocation project and a portion of the cost of the Civic Center project. District two. Thank you. There's a motion and a second. Mr. Modica, did you want to make some comments on this? Actually. We'll have John Grose explain this item. Mayor and members of city council. This is a as was said. Receive documentation. Conclude the hearing. Conduct the hearing included. Adopt a resolution to issue bonds through our new financing authority. Those bonds would be issued in this year. There'd be an appropriation for 400,000 to pay the debt service this year. The purpose of these bonds not to exceed 14.5 million is for the abatement, asbestos abatement and demolition of the courthouse for the relocation of the storm drain at Broadway and Pacific that we've talked about today, and the $8 million of costs and construction expenses related to this civic center. That's the end of my report. Terrific. Was there any public comment on this item saying nonmembers, please go ahead and cast your votes to close the hearing. There is a motion in a second. Motion carries. Thank you. And then the final piece of this vote is item 16. Also related to the Civic. We got a motion and a second. Do you want to read? Madam Clerk, the item.