approval of minutes, regular meeting of -- november 4th #shgs 2014. 92 authoring a 1st amendment to the

legal services contract with car mcclel lan for a contract amount by $25,000. action. >> madam chair? >> do have we have any speaker cards on item 5a or 5b? >> dr. jackson. >> dr. jackson would you like to crazy -- address the commission on items 5a or 5b? >> >> good afternoon. dr. jackson. i hope this a is the one i'm

looking at here and the subject to approval by the department of finance. >> that's item c. >> financing authority agenda. >> we haven't called that calendar yet. >> one of the things i would like. i don't know if you are aware or not, but there is young lady that has been appointed head of the epa here in san francisco. her name is lily lee. and when i come and speak before you i don't see you with pencils where you can take notes. what i think you really need to do is contact lily lee because the actions that you all are taking is not the actions that should

be taken . there is a lot of problems in my community of bayview hunters point and you are not aware that bayview hunters point is the most toxic area? >> san francisco. how you vote, you vote continually for things to happen there. i want to say this to you: there was a map date of birth in -- done in the 60s of the area and when those areas were supposed to be turned over to the city. that has not been done by this committee. no. 1. the map has been redone. a, was from mru and griffith to navy road and the shipyard and in back where the public school was on the hill, that

was section a, b, was where we used to meet and it was a restaurant. what's been happening here. i left at the last meeting because i saw how you were all going to vote. you were going to vote yes. you all need to stop voting yes for something as a rubber stamp by something that has not occurred in the city of san francisco 789 thank you >> thank you. do we have any other speaker cards? >> i have no other speaker cards. >> okay, public comment is closed. are there any questions on 5a on approval of minutes. >> i move this item. >> the minutes of november 4, 2014, have been moved by

commissioner bustos. >> i abstain. i was not here. second by commissioner mondejar. >> commissioner mondejar, yes, commissioner -- bustos, madam chair rosales. >> on item b, any questions or comments? >> none. >> would someone like to move the item. >> i move the item. >> commissioner bustos and mr. singh. city clerk: commissioner

mondejar, singh, bustos, madam chair rosales. the next item is item 5c confirming subject to approval by the department of finance the issuance and sale of success or agency to redevelopment agency of the city and county of san francisco taxable and tax empty refunding tax allocation bonds in a combined aggregate principal amount not to exceed $300,000. >> commissioners, you have taken a serious of -- series of steps relating to bonds given to current market conditions to help us

reduce our debt and will certainly help us and help the city over all. this is the final step in your actions. i'm pleased also to report that the state department of finance has approved this refunding already so it's no longer subject to the department of finance approval. with that, i would like to ask john diegos senior financial analyst to walk over the actions before you. >> good afternoon, director, chair rosales. my name is john diego senior financial analyst for ocii. item c is two series of tax allocations refunding bonds not to exceed $300 million. it confirmation actions

adopted september 12th of this year and actions required to complete the financing including the preliminary official statement. the official statement and the continuing disclosure certificate also authorizes staff to perform the necessary actions to complete the transaction. the preliminary official statement is the comprehensive disclosure document prepared by the ocii and it's consultants to provide investors with all material information regarding the credit supporting the bonds. the official statement is the same document as preliminary with the blanks filled in with the final numbers determined on the day of pricing. there could be other changes, but they would be minor. the continuing disclosure certificate and other document approved today details the ocii post issuance secondary

market reporting obligations. completion of this transaction also requires action on the department of finance authority which were the issuance of the bond which we are refunding as a sort of refresher on that arrangement. the financing authority is a joint powers authority created under the marx act under the project area alone under the single bond issue with all the efficiencies that come from that. so essentially the authority issued the bonds that were going to refund and use the proceeds for the project area of loans from the former agency and pledge the cash flow from those loans to the payment of the bonds which the authority issued. now, the ocii will issue refunding bonds directly itself which payoff the loans and the authority uses the monies to payoff

the bonds. to accomplish this, the authority must sign redemption agreements for each bond to be refunding through contracts through ocii and authority and respective trustee for each refunding bond. the escrow trustee's job is to hold the money until the date that the bonds can be called. the forms of these agreements were recently approved by the ocii commission in resolution 83, 2014 mentioned earlier. the financing authority resolution approves the redemption agreements on its part in form and authorizes all the necessary actions to complete the

transaction. nine of the outstanding bonds of $151 million principal could be refunded. this is $146 million in new bonds and new debt service savings of $10.5 million. those would be gross savings of $15.4 million approximately. and our next steps are the bond pricing which we are hoping to accomplish next thursday on december 11th. it won't be sooner than that, it could be a little later and our bond closing which we are targeting for december 30th. with that, i would like to introduce our financing team members. we have today representing our disclosure council of the preliminary official statement. neal

maderos. erica was unable to join us today. neal is standing in. we have bob gamble from our financial visors office, we have scott ferguson, our bond council, we have dennis mcguire, representing lee underwriter for the series b bonds, vincent mccarly for series c bonds representing baxter mccarly and oat um representing the comanager of the b bonds. we also have blalock banned but they were able to get a representative here today due to a conflict and we have a comanager who was unable to make it. gary que

jada. with that i would like to conclude my presentation. >> thank you. can i ask a procedural question? we called the commission's regular calendar but we also called the calendar of the financing authority. is that something we need to call as well in order to entertain this item? >> i think the process that's setforth here after you hear this item c, then you will reassesses and convene as the financing authority and proceed on that agenda and then adjourn and come back. >> i see. thank you for that clarification. okay. do we have any speaker cards? >> yes. i have one speaker card, francisco decosta. >> mr. decosta, hello.

>> my name is francisco decosta and i have been watching the deliberations of this committee very carefully since we have it on tv. what i'm noticing is that like the gentlemen gave a presentation and i doubt you understand much of what he said. it's very convoluted. and left out are the people. what am i alluding to? you know that the governor jerry brown signed into legislation the demise of the san francisco redevelopment agency, and you had an option to hand everything back to the state or to

create the office of the successor agency. you don't think much about it. a lot of the things that are happening are happening in our community which is the southeast sector. so when dr. spin ola jackson comes to say something, you have no clue as to what she's saying. it's as if you are on the planet of zube. you have no clue. you disrespect her because you don't really understand the history. so what am i saying? i'm calling upon the mayor that we need somebody from the southeast sector to be represented over here. i hear people going before some rules committee and saying that they are natives of san francisco. let me

enlighten you, the only people that are natives in san francisco of the bay area are the loane. those chosen to represent them. in this case dr. jackson and myself. so i'm here and i know the gentlemen, he means well, the gentleman who gave you this presentation. he means well, he heard me before and i don't want to use his name because that's not right during public comment, but i'm here to listen to see if you really understand how the agenda has to be portrayed because i heard a gentleman saying that this item and the other item has to be called together, but the attorney says no. it's a very convoluted process. you don't understand diddly. how do you enlighten the public is by

writing. so i'm going to be writing about this deliberation. i don't want to put you all down, but if you represent, represent the people of san francisco right. thank you very much. >> thank you. do we have any other speaker cards? >> we have no other speakers cards. >> any other person would like to speak on this item. dr. jackson, with your permission we can take your testimony previously and have it applicable to this item. >> i'm going to repeat again because i put it in my book. lily lee, i want you to write this name down. she had epa. she was in my home three 3 weeks ago. there were other people there too. you all need to sit down and find out from her what is going on in

the southeast sector because you don't listen to me. the corruption that is going on. things that you have voted on has not occurred. it's a lot of crap. there is no such thing as area a being where this land -- last report was done when i was here last and you supported it. that was b, the most toxic area in the shipyard. everybody knows about it but you auchlt -- all. you need to get some readings, because you left redevelopment and you came back. see, i know all of the players and i was so happy when i saw you, mr. bustos, at the last meeting. i said now i know bayview point is going to

help the southeast sector but when i saw you name some streets after the people in alice griffith, that was not done for alice griffith, that was done for on the hill in the beginning when this redevelopment came to my community. so the lawyer, he needs to let you all know, do you know you all can be sued? i tell people, the people that are sick. we have a 19-month-old baby that has cancer now. 19 months old. you all don't know what's going on in my community. how many people are dying and going to continue to die. if they go where you are trying to send them and okay it, there is going to be more deaths. you know who is going to be responsible for the death of those people?