2-23-00 - For ref
2-24-00 - Ref to B&F & EQ&WM Comts
2-24-00 - File to B&F Comt Clk
3-8-00 - EQ&WM & B&F Comts rept ADOPTED, SUBJECT TO THE APPROVAL OF THE MAYOR:
1. PRESENT and ADOPT the accompanying Ordinance providing for the issuance of City of Los Angeles Judgment Obligation Bonds, Series 2000-A and establishing the necessary funds for financing for the Kimpel v. Williams lawsuit.
2. ADOPT the Resolution providing for the issuance and sale (which includes the preparation and distribution of a Preliminary Official Statement, Attachment E of the City Administrative Officer (CAO) report dated February 22, 2000, and other necessary marketing documents), of not more than $25,000,000 in City of Los Angeles Judgment Obligation Bonds, Series 2000-A.
3. INSTRUCT the City Clerk to place an item on the agenda for the regular meeting of the Council on April 12, 2000 for acceptance of bids and award of not more than $25,000,000 in City of Los Angeles Judgment Obligation Bonds, Series 2000-A to the lowest responsible bidder, the adoption of resolutions and other actions related thereto.
4. ADOPT the Resolution allowing the City to seek judicial validation of a bond issuance of up to $16,000,000.
5. INSTRUCT the Controller to:
a. Transfer $25,000,000 from the Sewer Construction and Maintenance Fund No. 761, as a loan to the Liability Claims Account Budget Fund No. 100, Department 59, Account 9770.
b. Transfer $1,684,000 from the Unappropriated Balance, No. 100/58, Reserve for Economic Uncertainties Account, to the Liability Claims Account Budget Fund No. 100, Department 59, Account 9770.
c. Transfer $250,000 from the Unappropriated Balance, No. 100/58, Reserve for Economic Uncertainties Account, to the City Administrative Officer Contractual Services Account, Fund No. 100/10, Account No. 3040.
d. Make a payment of $26,684,000 on April 3, 2000 from the Liability Claims Account Budget Fund No. 100, Department 59, Account 9770, into an interest bearing trust account designated by the Kimpel Class Counsel as partial settlement of the Kimpel Case.
e. Reimburse the Sewer Construction and Maintenance Fund, No. 761, from the proceeds of the $25,000,000 Judgment Obligation Bonds, Series 2000-A.
f. Reimburse the Sewer Construction and Maintenance Fund, No. 761, for any lost interest earnings resulting from this loan.
6. INSTRUCT the CAO, Chief Legislative Analyst (CLA) and the Mayor's Office to report back in mid-April regarding alterative financing possibilities for the remaining $16,000,000.
3-16-00 - File to Mayor
3-16-00 - Mayor's message concurred in action of 3-8-00 (CNT003)
3-31-00 - File to B&F & EQ&WM Comts Clks OK
4-4-00 - File in files
4-5-00 - File to Cal Clk
4-12-00 - RESOL ADOPTED authorizing issuance of City of Los Angeles judgement obligation bonds, Series 2000-A in principal amount of not to exceed $25,000,000 to Fidelity Capital markets at a true interest cost of 4.618689 and rejecting all other bids.
4-18-00 - File in files
7-19-00 - For ref - Transmittal from OARS 0170-00006-0000 relative to proposed financing of the Kimpel settlement agreement
7-19-00 - Ref to B&F Comt
7-19-00 - File to B&F Comt Clk
7-26-00 - B&F Comt rept ADOPTED, SUBJECT TO THE APPROVAL OF THE MAYOR to:
1. PRESENT and ADOPT the accompanying Ordinance providing for the issuance of City of Los Angeles Judgment Obligation Bonds, Series 2000-B and establishing the necessary funds.
2. ADOPT the Resolution, attached to the file, providing for the issuance and sale (which includes the preparation and distribution of a Preliminary Official Statement, Attachment D to the Office of Administrative and Research Services (OARS) report dated July 18, 2000, and other necessary marketing documents) of not more than $14,000,000 in City of Los Angeles Judgement Obligation Bonds, Series 2000-B.
3. INSTRUCT the City Clerk to place an item on the agenda for the regular meeting of the Council on August 15, 2000 for acceptance of bids and award of not more than $14,000,000 in City of Los Angeles Judgment Obligation Bonds, Series 2000-BA to the lowest responsible bidder, the adoption of resolutions and other actions related thereto.
4. INSTRUCT the Controller to:
a. Transfer $200,000 from the Reserve Fund to the Unappropriated Balance, and appropriate therefrom to the Office of Administrative and Research Services Contractual Services Account, Fund No. 100/10, Account No. 3040.
b. Reimburse the Reserve Fund $1,684,000 from the proceeds of the Judgment Obligation Bonds, Series 2000-B.
c. Deposit the remaining proceeds of the Judgment Obligation Bonds, Series 2000-B to the Liability Claims Account Budget Fund No. 100, Department No. 59, Account No. 9770, and make a payment of $12,301,777.73 on August 25, 2000 from this account into an interest bearing trust account designated by the Kimpel Class Counsel as final settlement of the Kimpel Case. - Resol ADOPTED - Ord over one week to 8-2-00
8-2-00 - Ord ADOPTED
8-7-00 - File to Mayor for signature
8-11-00 - File to Cal Clk
8-11-00 - This days Ccl session - Special 2 Mo - Feuer Mover 2000 / Miscikowski - At its meeting on July 26, 2000, the City Ccl authorized the issuance of up to $14 million in Judgment Obligation Bonds to finance the remaining costs of the Kimpel Settlement Agreement (CF 97-1382-S4). The settlement agreement consists of two cases in the United States District Court by City police officers alleging that the City violated the provisions of the Federal Fair Labor Standards Act regarding payment and use of overtime (Michael Kimpel, et al. v. Willie Williams, et al., Michael C. Huff, et al. v. Bernard Parks).
At that time, the Council also requested the Controller to make a payment to outside counsel as final settlement of the Kimpel case. A portion of this payment was to be used to reimburse police officers for overtime hours incurred. However, it was just determined that this reimbursement must be made by the LAPD, not outside counsel. The City's bound counsel advises that this correction to the Council's 7-26-00 action should be adopted before the bond sale occurs on Tuesday, August 15, 2000.
THEREFORE MOVE that the Council determine, as provided in Section 54954.2(b)(2) of the Government Code, and pursuant to Rule 23 of the Rules of the City Council, that there is a need to take immediate action on this matter AND that the need for action came to the attention of the City Council subsequent to the posting of the agenda for today's Council meeting.
FURTHER MOVE that the Council amend Recommendation No. 4(2) contained in CF 97-1382-S4, adopted on 7-26-00, to read as follows:
4.c. Request the Controller to deposit $6,213,255.85 of the bond proceeds to Fund No. 100, Department No. 70 (Police), Account No. 1012 (Sworn Salaries); and deposit the remaining bond proceeds to the Liability Claims Account Fund No. 100, Department No. 59, Account No. 9770, and issue payment in the amount of $6,098,741.87 on August 30, 2000 from this account into an interest bearing trust account designated by the Kimpel Class Counsel as final settlement of the Kimpel Case.
8-11-00 - File to Cal Clk
8-11-00 - Motion and Findings ADOPTED
8-15-00 - File to Cal Clk
8-15-00 - Resol ADOPTED awarding bids to Banc of America Securities, Inc. for an aggregate principal amount not to exceed $16 million with a true interest cost of 4.268772% and rejecting all other bids
8-21-00 - File in files
8-24-00 - File to M Vasquez - OARS - 71596
7-2-01 - File in files